Ownership of digital assets has grown significantly in recent years. The growth of digital assets, including cryptocurrencies and NFTs, created a new market for financial institutions to operate in. Banks, registered investment advisers (RIAs), and registered investment companies (RICs) launched services to manage customers’ digital assets alongside traditional financial assets. Being a relatively new market, few regulations were in place to oversee the custody of digital assets.

This is all set to change as the SEC and the New York Department of Financial Services passed new, stricter rules regarding the management of digital assets by financial institutions. These new rules, which were issued on September 29, 2025, are set to change how Bronx banks handle customers’ digital assets.

The

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