GYEN and ZUSD: Consistently on NYDFS Greenlist
The New York State Department of Financial Services (NYDFS) recently published the VOLT initiative, introducing guidelines concerning listing, delisting, and greenlist mechanisms for virtual currencies. Amidst these changes, GYEN and ZUSD remain greenlisted, underscoring the reliability and regulatory compliance of our stablecoins.
In this article, we will delve deeper into the implications of these updates and spotlight the sustained trust in GYEN and ZUSD stablecoins in the evolving regulatory landscape.
The VOLT Explained
The VOLT initiative, spearheaded by the NYDFS, exemplifies a forward-thinking approach to virtual currency regulation. The acronym VOLT stands for Vision, Operations, Leadership, and Technology, highlighting the program’s objectives. VOLT reaffirms NYDFS’s status as a pioneer of virtual currency regulation while emphasizing operational excellence, transparent processes, and the integration of advanced technological solutions.
Guideline Highlights
The NYDFS has clarified procedures for virtual currency business entities (“VC Entities”) considering coin listings. As per the updated guidelines, VC Entities can list coins from the Greenlist without seeking the Department’s prior approval. However, these entities must:
- Notify the DFS before initiating support for any coin.
- Adhere to a coin delisting policy that has received DFS’s endorsement.
*A VC Entity refers to any entity licensed or chartered by the NYDFS to conduct virtual currency business activity in New York.
The Greenlist and its Benefits
The Greenlist remains an integral element of the NYDFS’s framework. Coins included in this list benefit from a more streamlined listing process. The Greenlist operates independently of any individual VC Entity’s coin-listing policies and their resulting self-certifications. In general, DFS will consider adding a coin to the Greenlist if:
- The coin or coin issuer has a demonstrated, historic record consistent with safety and soundness and the protection of customers, including broad marketplace adoption.
- The coin is a stablecoin approved by DFS for issuance in New York by a VC Entity.
Furthermore, it’s emphasized that the NYDFS retains full discretion over the Greenlist’s contents. They can add or remove any coin, discontinue the Greenlist process, or even limit its use. Moreover, the DFS has the authority to demand any VC Entity to delist, halt, or otherwise curtail activity related to any coin.
Current Greenlist Standouts
With the recent announcement, there’s been a significant reduction in the Greenlist, leaving only eight coins still recognized by NYDFS. For those interested in the specific updates of the list, the NYDFS has made the latest Greenlist available.
Since launch, our stablecoins GYEN and ZUSD have held positions on this list, underscoring our commitment and consistent adherence to the highest industry standards.
Industry Implications
The elevation of assessment standards reflects the industry’s progression and commitment to ensuring trust and security. Cryptocurrency issuers might need to undertake extra efforts to align with these enhanced guidelines. Nevertheless, these directives pave a clear pathway for the sector, promising sustainable growth and enduring confidence.
Moreover, the guidelines ensure investors can access only the most compliant and trustworthy virtual currencies, further mitigating investment risks and safeguarding against potential market manipulations.
Bridge Traditional Finance and Blockchain
As an international hub for finance and economics, New York has always been at the forefront of industry innovations. The NYDFS’s proactive stance on crypto regulation showcases its dedication to innovation while ensuring safety.
GMO-Z.com Trust Company (“GMO Trust”), as a subsidiary of the financial and IT conglomerate GMO Internet Group, is a Limited Purpose Trust Company approved and regulated by the NYDFS. As the digital landscape evolves and the demand for trustworthy digital assets grows, we stand ready to assist. We are geared up and open to collaborating with financial institutions aspiring to navigate the digital asset landscape with compliant and reliable stablecoins.
Visit our website to learn more: https://stablecoin.z.com/
Bottom Line
Amid regulatory shifts, our stablecoins, GYEN and ZUSD, have consistently aligned with NYDFS guidelines to ensure trust and reliability for all investors. As the market continues to evolve, our dedication remains firm in upholding the standards that distinguish GYEN and ZUSD as top stablecoin choices.
About GMO-Z.com Trust Company
Building Financial-Grade Digital Assets. The World’s First Regulated JPY-Pegged Stablecoin Issuer. Visit our website to learn more.
Disclaimer
This content is not financial advice and it is not a recommendation to buy or sell any financial instruments, FX trading, cryptocurrency or engage in any trading or other activities. You must not rely on this content for any financial decisions. Acquiring, trading, and otherwise transacting with financial instruments or cryptocurrency involves significant risks.We strongly advise our readers to conduct their own independent research before engaging in any such activities. GMO Trust does not guarantee or imply that any cryptocurrency or activity described in this content is available or legal in any specific reader's location. It is the reader's responsibility to know the applicable laws in their country.
