New York’s financial regulator said banks looking to enter the cryptocurrency space need to first seek approval from the regulator.
The New York Department of Financial Services, in a guidance document published Thursday, said it would assess new crypto-related activities proposed by financial institutions based on potential risks they may pose to the banks and consumers, and detailed the process for those entities hoping to get approval to offer crypto products and services.
U.S. banks and foreign banks with branches in New York that are under NYDFS supervision should notify the agency at least 90 days before starting any new or significantly different crypto-related activities, according to the guidance.
‘Enforcement 40’ for 2020
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