NYDFS: Banks must seek approval before engaging with crypto

New York Department of Financial Services published the new guidelines on 15 December 2022.
All banking organisations must apply for permission to undertake any crypto activities.
The regulatory guidelines are effective immediately and come as the spotlight is firmly on crypto following FTX’s implosion.Amid all the scrutiny on cryptocurrency exchanges after FTX’s collapse, the New York Department of Financial Services (NYDFS) has announced new guidelines targeting banks.
The NYDFS,