As the FSL did not include a provision for crypto enterprises when crypto regulation was enacted in New York in 2015, Harris is essentially aiming to bring virtual currency businesses in line with the state’s traditional financial institutions.Harris noted that the extra funds would enable the organization to expand its crypto team,
“Through licensing, supervision, and enforcement, we hold companies to the highest standards in the world. The ability to collect supervisory costs will help the Department continue protecting consumers and ensuring the safety and soundness of this industry.” The assessments will only apply to cryptocurrency businesses with a BitLicense, a unique business license provided by NYDFS that enables enterprises to operate in New York. A BitLicense, which is notoriously tough to obtain, is held by just 22 companies, and just three have been given this year.
The 10-day pre-proposal comment period will begin on Thursday with the publishing of the draft rule, and a 60-day consultation period will follow the draft regulation published in the State Register. Following the comment period, the NYDFS will either publish a notice of the adoption of the regulation as it is now written or release a revised proposal.Subscribe to get it daily in your inbox.