New York authority lays out conditions for banks to offer crypto-related services

Hull Invest

The New York Department of Financial Services (DFS) release Guidelines requiring banking institutions to seek regulatory approval at least 90 days before offering cryptocurrency-related services.

guidelines release On Dec. 15, DFS Superintendent Adrienne Harris said New York-regulated banks must seek State Department approval before engaging in crypto-related services, even if it is through a third party. said.

under guidelines, Banks must notify the Ministry at least 90 days in advance of commencing the process of providing virtual currency-related services.

In addition, interested banks are required to submit documents covering six broad categories of information related to business planning, risk management, corporate governance, consumer protection, financial, legal and regulatory analysis.

Superintendent Harris said the guidelines provide a transparent and timely way to regulate banking.

“Today’s guidance is critical to ensuring that consumers’ hard-earned money is protected and that New York’s regulated banking organization remains resilient and competitive,” Harris added. I was.

DFS has urged all institutions already offering crypto services to follow the new guidelines.

Read the latest market report

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button