The New York Department of Financial Services, DFS, recently cryptocurrency has published a directive guide for banks that want to add their units to its service.
The information in the directory covers all central traditional financial institutions (banks, mutual funds, agencies) operating in New York.
According to the DFS directive, if a financial institution wants to provide crypto services, it must first get approval from the regulators. The financial regulator once again underlined the clear stance on this issue.
The Financial Services Department Inspector pointed out that regulatory government agencies need to cooperate:
“The guideline we published today is very important for the protection of the money that investors have accumulated from tooth to nail. We advocate that financial institutions regulated by New York should be in a flexible competitive environment. In addition, we have drawn a clear line for organizations that want to provide crypto money services within this framework.”
In the newly prepared guide, it was stated that the regulations include not only crypto trading services, but also wallets. The regulatory body announced that it is open to receiving feedback from the financial sector, following the guideline it has prepared.
DFS, which has been in effect at state borders since 2014 in the directive BitLicense didn’t mention the rule. New York State President Eric Adams had in the past wanted to repeal the BitLicense regulation.
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