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ARTICLE · 23 DECEMBER 2022

Virtual Currency Activity Prior Approval Requirement Established By NYDFS

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On December 15, 2022, the New York Department of Financial Services ("NYDFS") issued guidance clarifying that all New York banking organizations are required to obtain prior agency...

United StatesFinance and Banking
Matthew Bisanz
Matthew Bisanz
Joseph A. Castelluccio
Joseph A. Castelluccio
Jeffrey Taft
Jeffrey Taft
Andrew Olmem
Andrew Olmem
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David Beam
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On December 15, 2022, the New York Department of Financial Services ("NYDFS") issued guidance clarifying that all New York banking organizations are required to obtain prior agency approval for virtual currency-related activity ("2022 Guidance").1 The 2022 Guidance is similar to prior notice guidance issued by the federal banking regulators but establishes highly prescriptive information requirements for submissions. Additionally, it greatly expands prior NYDFS guidance regarding when prior approval is required for a banking activity.

The 2022 Guidance is immediately effective for all New York banking organizations, which includes banks and trust companies that are chartered under New York banking law, as well as US branches and agencies of non-US banking organizations that are licensed under New York banking law. In this Legal Update, we provide background on the authorized activities of New York banking organizations and describe the 2022 Guidance.

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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