NYDFS Coin Listing Guidance

NYDFS Coin Listing Guidance is a New York State regulatory guidance profile for the Department of Financial Services’ November 15, 2023 Guidance Regarding Listing of Virtual Currencies. The guidance applies to DFS-regulated virtual currency businesses, including BitLicensees and New York-chartered limited purpose trust companies engaged in virtual currency business activity. NYDFS states that the guidance became effective immediately and entirely superseded the Department’s June 24, 2020 adoption-or-listing framework.

How the NYDFS coin listing guidance fits New York’s BitLicense framework

The guidance operates inside New York’s existing virtual currency supervision framework under 23 NYCRR Part 200 and the New York Banking Law. It does not create a new standalone license. Instead, it controls how a regulated VC Entity may make a virtual currency available in New York or to New Yorkers for approved virtual currency business activity.

NYDFS describes three current listing paths: specific DFS approval as a material business change, self-certification under a DFS-approved coin-listing policy, or use of a coin already on the Greenlist.

Coin-listing policy requirements

A VC Entity that wants to self-certify coins must first obtain DFS approval of a coin-listing policy that satisfies the guidance. A previously approved policy under the 2020 guidance is not enough: NYDFS says affected entities may not self-certify coins until they receive approval for a policy meeting the 2023 standards and have an approved coin-delisting policy.

The policy must include governance, risk assessment, and monitoring components. Governance requirements include approval by a board or equivalent governing authority, annual review, independent decision-making, conflict-of-interest controls, public disclosure of relevant conflicts, recordkeeping, immediate notification if the policy stops meeting guidance standards, and DFS approval for material changes. The risk assessment must cover technical design, operational, cybersecurity, market and liquidity, illicit finance, legal, reputational, and regulatory risks.

Retail self-certification limits

The guidance narrows self-certification for retail-facing activity. A coin designed or substantially used to circumvent laws, or with features designed to conceal identity, cannot be self-certified. For retail activity, a VC Entity also may not self-certify certain non-Greenlisted stablecoins, exchange-issued coins, assets tied to protocols with resiliency or concentration concerns, bridged coins, or coins where circulating supply is less than 35% of total supply. A VC Entity seeking to list such assets for retail use must request DFS approval as a material change to business.

Coin-delisting and customer protection

The 2023 guidance separately requires all VC Entities to maintain a DFS-approved coin-delisting policy, even if they do not have an approved coin-listing policy. NYDFS required entities to meet with the Department by December 8, 2023 to discuss draft delisting policies and to submit final coin-delisting policies for approval by January 31, 2024.

• DFS notice: A VC Entity generally must notify DFS at least 10 business days before informing customers of a delisting decision.
• Customer notice: Unless DFS approves or directs otherwise, the entity must use reasonable efforts to give customers at least 30 calendar days’ written notice before delisting.
• Execution controls: The policy must address customer support, documentation, ongoing monitoring, and impact analysis.

Greenlist and current status

NYDFS continues to maintain a Greenlist pathway. A licensed or chartered VC Entity may list Greenlisted coins without a separate DFS-approved coin-listing policy, but it must notify DFS at least 10 days before offering the coin in New York. The current NYDFS virtual currency page lists Bitcoin, Ethereum, and several DFS-approved stablecoins or tokenized assets, while reserving DFS discretion to remove coins, require delisting, limit use, or discontinue the Greenlist process.

As of June 5, 2026, editors should classify the NYDFS Coin Listing Guidance as published and active regulatory guidance for New York-regulated virtual currency entities, with the Greenlist and self-certification process subject to NYDFS updates and supervisory discretion.