New York State-registered banks will need to seek regulatory permission 90 days before they get involved in cryptoassets, even if it's via a third party, new guidance from the state regulator said.

Banks will have to submit business plans and operating models to the Department of Financial Services, including details of which customers they're targeting, the guidance published Thursday said.

“Today’s guidance is critical to ensuring that consumers’ hard-earned money is protected, that New York regulated banking organizations remain resilient and competitive, and that the expectations are clear for those that wish to submit proposals for virtual currency-related activity," Superintendent Adrienne Harris said in a statement.

(by Jack Schickler)