New York regulator tells banks to get prior approval for crypto activities
The DFS will then assess the plan based on six broad categories: business plan; risk management; corporate governance and oversight; consumer protection; financials; and legal and regulatory analysis.
As for banks already engaging in virtual currency-related activities, they must immediately notify a point of contact at the department, which will seek further information or clarification and impose supervisory requirements, as needed.DFS Superintendent Adrienne Harris says: "Today’s Guidance is critical to ensuring that consumers’ hard-earned money is protected, that New York regulated banking organisations remain resilient and competitive, and that the expectations are clear for those that wish to submit proposals for virtual currency-related activity."Read the guidance: Download the document now 304 kb (Chrome HTML Document)
. Read more on finextra.com
