The New York State Financial Services Authority has updated the requirements for the operation of licensed crypto-currency companies issuing stablecoins.
Document applicable to BitLicense holders and obliges stablecoin operators to fully back their digital currencies with reserve assets. Investors should be able to exchange their tokens for fiat currencies or other real assets at any time.
The new rules also establish requirements for reserve assets, with a special emphasis that for a stable cryptocurrency, reserve assets must be “separated from the operator’s own assets.” Another requirement was a monthly audit of stablecoin collateral from a third-party certified company.
The increased attention to stable cryptocurrencies is caused by the collapse of the algorithmic stablecoin UST and the Terra ecosystem. So far, 22 companies have received BitLicense in New York State. State legislators recently supported a bill to ban new Proof-of-Work cryptocurrency mining companies for a two-year period.
Source: Bits
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