New York Department of Financial Services reminds banks looking to branch out into cryptocurrency to first seek approval from the regulator
Adrienne Harris, superintendent of the New York State Department of Financial Services, said the new guidance on crypto-related activities is needed as the traditional financial institutions continue to innovate and as the crypto market evolves over time.
PHOTO: ANDY DAVIS FOR THE WALL STREET JOURNAL
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.
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