New York State Financial Regulator Published New Rules for Banks Engaging With Crypto

The New York State financial regulator just issued new guidance for banks planning to engage with crypto. Check out the latest reports below.

The New York State Department of Financial Services (NYDFS) is publishing new rules for banks that are planning to venture into crypto.

Under the new guidance, New York-regulated banking organizations and NYDFS-licensed foreign banking organizations have to submit a business plan 90 days before engaging in crypto activities.

As the online publication the Daily Hodl notes, this new guidance provides the types of information that the department will take into account when assessing proposals.

It’s also important to mention that the regulator says it will look into the following:

“covered institution’s business plan, risk management, corporate governance and oversight, consumer protection, financials and legal and regulatory analysis.”

The same notes continued and revealed:

“The Department will make a comprehensive assessment of information presented under this Guidance to determine whether any proposed activity would—based on the facts and circumstances presented and including the risk mitigation measures the Covered Institution has developed to support the activity—be appropriate for a Covered Institution to undertake.”

We suggest that you check out the original article in order to learn more details about this.

At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $16,711.

The leading crypto analytics firm Santiment said that there is one metric they track is signaling a bullish turn in the market based on historical performance.

According to Santiment, fear, uncertainty, and doubt (FUD) are reaching peak levels. They are reportedly determined by the prevalence of negative crypto terms such as “sell” across several social media platforms.

Stay tuned for more news from the crypto space, and keep your eyes on the market.