United States of America: Implemented updates to the Guidance Regarding Listing of Virtual Currency

On 31 January 2024, the New York State Department of Financial Services guidance regarding the listing of virtual currency entered into force. The guidance includes increased risk assessment standards and requirements regarding the delisting of coins. Specifically, licensees must fulfil requirements concerning their governance, ensure customer protection and safety, and consistently re-evaluate their risk assessment. Further, orderly governance must also be in place in case of delisting. Roles and responsibilities during delisting must be established in a detailed process, and customers must be notified.