NYDFS issues guidance for banks interested in virtual currency
By 
Adrianne Appel2022-12-19T21:40:00
The New York State Department of Financial Services (NYDFS) issued guidance Thursday outlining guidelines banks and financial institutions must follow to engage in virtual currency activities in the state.
The guidance comes more than seven years since the department adopted virtual currency licensing rules (23 NYCRR Part 200). Banks have been required since then to seek permission from the NYDFS before launching into virtual currency activities.
The guidance serves as a reminder banking institutions will be expected to engage in an extensive application process.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
ArticleKraken to pay $362K over Iran sanctions screening lapses
Virtual currency exchange Kraken will pay a fine of approximately $362,159 to settle charges it violated U.S. sanctions against Iran, according to the Treasury Department’s Office of Foreign Assets Control.
-
ArticleNavigating using NFTs in business applications
Non-fungible tokens can take many forms. There are potential business applications already in use, and many more are being developed as technology evolves.
-
ArticleTreasury sanctions first virtual currency mixer
The Department of the Treasury announced first-of-their-kind sanctions against virtual currency mixer Blender.io for its alleged role in a significant virtual currency heist carried out by a North Korean state-sponsored cyber hacking group.
More from Regulatory Policy
-
ArticleNew DOJ fraud division means broad realignment of resources and attorneys
A new Department of Justice (DOJ) division will lead investigations of government fraud, and take over duties—and staff, and funds– currently handled by other DOJ divisions and government agencies, Acting Attorney General Todd Blanche announced.
-
PremiumHong Kong wants to know if your bank has a culture problem
The Hong Kong Monetary Authority’s Bank Culture Reform program is in its eighth year. Phase 2 of its misconduct-sharing scheme covers more than 50,000 banking professionals. The shift signals regulators are evaluating whether culture works, not just prescribing rules.
-
NewsFinCEN proposes overhaul of AML rules, ending 2024 risk assessment requirements
A rule overhaul proposed by the U.S. Treasury Department’s Financial Crimes Enforcement Network is designed to reduce compliance burden, which would free up banks from tracking all but the most egregious illicit financial activities.