NYDFS releases new rules for the crypto industry

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The collapse of the FTX exchange prompted bankingNew York regulator will strengthen oversight of the sector to protect consumer assets - it will scrutinize banks providing cryptocurrency services.

New York State Department of Financial Services(NYDFS) has issued a series of rules for the crypto industry, requiring banks to provide a business plan at least 90 days in advance if they want to provide cryptocurrency services. 

Moreover, the regulator will begin to considerwhat exactly banks want to offer in this area, assessing their risk management, consumer protection, corporate governance and supervision. Legal and regulatory analysis will also be conducted.

According to NYDFS Superintendent Adrienne Harris(Adrienne Harris), all regulators should communicate their initiatives and regulatory policy changes in a timely manner so that the financial sector can prepare.

“Organizations already involvedcryptocurrencies will be required to immediately notify their Department contact if they have not already done so. The regulator will request additional information or clarification and, if necessary, put forward supervisory requirements,” the statement said.

Earlier, the Attorney General of New York sent a letter to members of the US Congress, in which she called on them to prevent changes in the country’s legislation and prevent crypto-assets from becoming widespread.