The New York Department of Financial Services released guidance for New York-regulated banking organizations that wish to engage in virtual currency-related activities.

Details: The guidance reminds covered institutions to seek prior approval before commencing crypto-related activity, including where any portion of those activities will be conducted by a third party.

Federal Guidance: Separate guidance from the Federal Reserve, FDIC, and OCC encourages banks to notify their lead supervisory point of contact of their intent to engage in crypto-related activities.