New York to charge crypto companies for their supervision

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“The proposed regulation effectuates a provision in the New York State FY23 Budget giving DFS new authority to collect supervisory costs from licensed virtual currency businesses, similar to other licensed financial institutions in the state,” the statement said. “These regulations will allow the Department to continue adding top talent to its virtual currency regulatory team.”

“Through licensing, supervision and enforcement, we hold companies to the highest standards in the world. This assessment authority will allow the Department to continue building the team that is leading the nation with a suite of regulatory tools,” said Superintendent Harris. “The ability to collect supervisory costs will help the Department continue protecting consumers and ensuring the safety and soundness of this industry.

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New York proposes crypto regulations, plans to charge crypto companiesThe New York State Department of Financial Services (DFS) has presented a proposal to amend state legislation and charge licensed cryptocurrency companies for regulating them. Although it may seem strange, the DFS frequently charges its regulated non-crypto financial organizations for the costs and expenses of keeping watch over them under the Financial Services Law (FSL). […]
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