According to New York’s financial regulator, banks interested in entering the cryptocurrency space must first seek approval from the regulator. In a guidance document published Thursday, the New York Department of Financial Services stated that it would evaluate new crypto-related activities proposed by financial institutions based on the potential risks they may pose to banks and consumers, and detailed the process for those entities hoping to get approval to offer crypto products and services. According to the guidance, US banks and foreign banks with branches in New York that are subject to NYDFS supervision should notify the agency at least 90 days before beginning any new or significantly different crypto-related activities.
