FIs first need to decide where cryptocurrency is on the demand spectrum and what services their customers are interested in to determine the correct prioritization. This can be done actively by talking to customers, commissioning surveys and passively by analyzing bank outflows.
FIs then need to decide how much and what areas of the crypto business activity they want to perform themselves - partner vs. build and buy/sell/hold vs. DeFi lending/staking, etc. As cryptocurrency is still new for most FIs and not their main offering, many will prefer to partner with reputable and established cryptocurrency providers and lean on their regulatory, licensing, and reporting programs instead of building the same from scratch.
The FIs may want to engage with their respective regulators depending on how they are chartered and provide notice of their intended offering.
For most FIs, it is only a matter of when as it relates to crypto offerings. Consumers across all geographies and demographics want access to the rapidly growing cryptocurrency ecosystem. It is clear that cryptocurrency is not going away, so the decision is more if an FI prefers to be a leader or is content with being a follower in the space.