The New York Department of Financial Services (NYDFS) recently unveiled an update to its virtual currency oversight framework 

NYDFS introduced new criteria that licensed digital firms must meet to list various cryptocurrencies 

As part of this update, NYDFS removed over two dozen tokens, including Ripple, Dogecoin, and Litecoin, from its "greenlist" of approved tokens 

Eight tokens, including Bitcoin, Ether, and the new PayPal Dollar, remain on NYDFS's approved greenlist 

NYDFS has established itself as a leading digital asset supervisor in the absence of clear federal crypto regulations 

NYDFS's BitLicense program and virtual currency unit have played a crucial role in overseeing the cryptocurrency industry 

Despite criticism for its licensing process, NYDFS is praised for its measured approach to crypto regulation, focusing on guidance rather than enforcement actions 

The greenlist was initially created as part of NYDFS's crypto supervision efforts to streamline the listing and custody approval process 

The updated greenlist now comprises only eight tokens, reflecting the new framework for greenlisted coins 

NYDFS's new guidance includes heightened risk assessment standards for coin-listing policies and requirements for retail customer-facing businesses, departing from the previous self-certification system