Section 47-4-002 - ESTABLISHMENT OF A DIGITAL ASSET DEPOSITORY DEPARTMENT AND CHARTER AMENDMENT REQUIREMENT002.01 Any financial institution with articles of incorporation that authorize the conduct of a digital asset depository business may be further chartered by the Director to operate a digital asset depository department.002.02 The Director shall require such financial institution to apply for an amendment to its charter.002.03 A digital asset depository department shall be separate and apart from every other department of the financial institution. Evaluation of the capital the financial institution dedicates to its digital asset depository department will be based upon a risk-based analysis of the size, risk profile, and proposed activities of the digital asset department.002.04 Where a digital asset depository department shall operate in a manner that includes accounts, services, or products that are insured by the Federal Deposit Insurance Corporation ("FDIC"), the digital asset depository department must ensure that the sales or recommendations of such products are kept separate and apart from the sales or recommendations of any digital asset accounts, services, or products.002.04A To minimize customer confusion with FDIC-insured products, the sales or recommendations of digital asset accounts, services, or products on the premises of a digital asset depository department should be conducted in a physical location distinct from the area where retail deposits are taken.002.04B Signs or other means should be used to distinguish the digital asset sales area from the retail deposit-taking area of the digital asset depository department. However, in the limited situation where physical considerations prevent sales or recommendations of digital asset accounts, services, or products from being conducted in a distinct area, the digital asset depository has a heightened responsibility to ensure appropriate measures are in place to minimize customer confusion.47 Neb. Admin. Code, ch. 4, § 002
Adopted effective 5/29/2024