The New York Department of Financial Services (“NYDFS”) released guidance for banking organizations that wish to engage in virtual currency-related activities. In 2015, the NYDFS adopted 23 NYCRR Part 200, which contains the licensing and regulatory framework for non-depository institutions seeking to engage in virtual currency business activity. In Part 200, there are certain exemptions, including an exemption for financial institutions organized under New York law.
The guidance reminds these exempt financial institutions of the requirement to seek approval from the NYDFS in advance of conducting any new or significantly different virtual currency activity. The guidance also identifies what it means to conduct virtual currency-related activity.
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