Industry Letter

September 18, 2023

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 A. Harris, Superintendent of Financial Services

RE: General Framework for Greenlisted Coins


Unless otherwise informed by the New York State Department of Financial Services (the “Department” or “DFS”), virtual currency business entities that are either licensed under 23 NYCRR Part 200 or chartered as a limited purpose trust company under the New York Banking Law (collectively, “VC Entities”), do not need the Department’s prior approval to list coins included on the Greenlist. VC Entities that choose to list Greenlisted coins must, however: 1) provide advance notification to DFS prior to beginning support; and 2) have a DFS-approved coin-delisting policy.

The Greenlist is wholly separate and independent from any individual VC Entities’ coin-listing policies and resulting self-certifications. In general, DFS will consider adding a coin to the Greenlist if: 1) the coin or coin issuer has a demonstrated, historic record consistent with safety and soundness and the protection of customers, including broad marketplace adoption, or 2) the coin is a stablecoin approved by DFS for issuance in New York by a VC Entity. 

DFS may, at any time and in its sole discretion, add any coin to the Greenlist; remove any coin from the Greenlist; refrain from placing any coin on the Greenlist; discontinue the Greenlist process entirely; prohibit or otherwise limit a coin’s use before or after a VC Entity begins using a coin; or require that any VC Entity delist, halt, or otherwise limit or curtail activity with respect to any coin.

1 U.S. Dollar-backed stablecoins approved for issuance in New York are subject to the Department’s Guidance on the Issuance of U.S. Dollar-Backed Stablecoins.