Virtual Currency

Virtual Currency Guidance


September 14, 2022

TO: All Virtual Currency Business Entities Licensed under 23 NYCRR Part 200 or Chartered as Limited Purpose Trust Companies under the New York Banking Law

FROM: Adrienne Harris, Superintendent of Financial Services

RE: Notice Regarding Ethereum’s Upcoming Protocol Change

Following Ethereum’s upcoming protocol change to a “proof of stake” consensus mechanism, the New York State Department of Financial Services (the “Department”) will continue to recognize Ether (ETH) under its Greenlisted Coins/Tokens list.

Should there be any fork related to the Ethereum blockchain that results in any new virtual currency, the Department will require virtual currency business entities seeking to list or custody such virtual currency to obtain prior Department approval in accordance with the existing Guidance Regarding Adoption or Listing of Virtual Currencies.

Note: This notice is not intended to, and does not, limit the scope or applicability of any law or regulation. For further information, virtual currency business entities may contact their relationship managers or points of contact with the Department.