New York Regulators Urge Banks to Adopt Blockchain Analytics for Crypto Risk Management
The New York State Department of Financial Services (NYDFS) has issued new guidance encouraging banking institutions under its supervision to strengthen compliance by adopting blockchain analytics tools.
Adrienne Harris, Superintendent of Financial Services, released the notice to all New York banking organizations, including branches of foreign banks operating in the state. The move reflects growing recognition that as virtual currency adoption expands, traditional financial institutions face heightened exposure to crypto-related risks.
Blockchain analytics now seen as critical
The guidance builds on earlier directives to licensed virtual currency companies and follows NYDFS’s framework on virtual currency-related…
