As the crypto bullish hearts begin to beat, regulators have just completed a fast-tracked process that has seen authorities green light ten cryptocurrencies. Gains of up to 30% in under 24 hours from some top coins have recently revived bullish optimism.
Those who missed out or would simply want to make as much as back in 2017. As such, all eyes are on the market.
But while back then any coin would make you reach, now, the market is smarter and the smart money is being pulled to a pool of coins. Some of these have just been green listed by the New York State Department of Financial Services. This an equivalent to saying they are solid and sorted from the scams. Furthermore, it will help protect the copyright and intellectual property of these projects in the long term.
“If a licensed entity decides to use a coin on the Greenlist, it must inform DFS prior to beginning its use,”
The Bitlicense regulator has published a list of 10 cryptocurrencies for custody. Ethereum Classic (ETC), Binance USD (BUSD), Bitcoin (BTC), Bitcoin cash (BCH), Ripple (XRP), Ethereum (ETH), Gemini dollar (GUSD), Litecoin (LTC), Pax gold (PAXG), Paxos Standard (PAX), and eight cryptocurrencies for listing.
Coins for listing include all but Ripple XRP and Paxos Standard PAX.
“as long as such listed coins had not been subject to any material modification, division, or change after their listing on the DFS webpage (the ‘Greenlist’),”
Regulators note that the list will continue to be sorted and added in the foreseeable future.
More Crypto Coming
As such, other cryptocurrencies can push to have their names added with guidelines to have this laid out here.
There has not been an immediate price reaction following the announcement but this has a major development. This is a long term positive development that will improve collaboration between authorities and these projects.
With this, investors can be at ease and be more confident when investing.
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