New York’s top financial regulator just issued new rules to better protect crypto customers if a virtual currency firm goes under. Superintendent Adrienne A. Harris announced the updated guidance Tuesday, focusing on how digital assets are held and what happens to them during insolvency. The move comes as more companies use third-party sub-custodians to store virtual assets on behalf of retail and institutional clients. “The Department’s nation-leading digital asset and consumer protection regulatory standards have set clear and transparent expectations to protect New Yorkers since 2015,” Harris said. The new guidance lays out specific requirements for sub-custody agreements and stresses that customers — not the companies — must retain the “beneficial interest” in their assets at all times.