New York State Department of Financial Services directs banks to use blockchain analysis to prevent illegal activity
JH Kim
Summary
- The New York State Department of Financial Services (NYDFS) said it instructed banks to use blockchain analysis to prevent illegal activity.
- NYDFS said that existing banks must respond to new risks as they expand into virtual assets businesses.
- It emphasized that banks need to adopt new tools and technologies for regulatory compliance.
On the 17th (local time), according to The Block, a media specializing in virtual assets (cryptocurrency), the New York State Department of Financial Services (NYDFS) instructed banks to use blockchain analysis to prevent illegal activity.
NYDFS emphasized that as traditional banks expand into virtual asset businesses, regulatory compliance also requires adopting new tools and technologies to mitigate new and diverse risks.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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