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New York financial regulator issues cryptocurrency guidance for banks

(Reuters) – The New York State Department of Financial Services (NYDFS) on Thursday issued digital asset guidance to state-regulated banks laying out what information financial institutions must submit before getting approval to engage in virtual currency-related activities.

Illustration shows representation of cryptocurrencies plunging into water

(Reuters) – The New York State Department of Financial Services (NYDFS) on Thursday issued digital asset guidance to state-regulated banks laying out what information financial institutions must submit before getting approval to engage in virtual currency-related activities.

The guidance, one of the clearest paths forward yet for banks to offer cryptocurrency services, instructs banks to submit a business plan with details of the proposed activity, detail how such a service would impact the bank’s capital and liquidity and inform NYDFS of its plans at least 90 days beforehand.

(Reporting by Hannah Lang in Washington)

By Reuters

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