New York State-regulated banks might want to get prior approval from regulators forward of any digital currency-related actions.
The DFS will then assess the plan primarily based on six broad classes: marketing strategy; threat administration; company governance and oversight; client safety; financials; and authorized and regulatory evaluation.
As for banks already partaking in digital currency-related actions, they need to instantly notify a degree of contact on the division, which is able to search additional info or clarification and impose supervisory necessities, as wanted.
DFS Superintendent Adrienne Harris says: “As we speak’s Steering is vital to making sure that customers’ hard-earned cash is protected, that New York regulated banking organisations stay resilient and aggressive, and that the expectations are clear for people who want to submit proposals for digital currency-related exercise.”
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