NYDFS adopts regulation to assess supervisory costs for licensed crypto firms

The New York State Department of Financial Services, oregon NYDFS, has adopted a regularisation that volition let the authorities bureau to measure supervisory costs from licensed crypto firms operating successful the state.

In an April 16 announcement, the NYDFS said the supervisory costs enforced by the caller regularisation would beryllium utilized for “adding apical endowment to its virtual currency team”. The authorities section volition measure costs for the supervision and introspection of crypto firms operating successful the authorities with a BitLicense.

“This regularisation provides the Department with further tools and resources to modulate the virtual currency manufacture present and successful the aboriginal arsenic innovators make caller products and usage cases for integer assets,” said NYDFS Superintendent Adrienne Harris.

#ICYMI: DFS Superintendent Adrienne A. Harris Announces Adoption of Virtual Currency Assessment Regulation: https://t.co/6W5ShsYjEx pic.twitter.com/xcevSyw2O9

Crypto firms operating successful the authorities of New York are mostly required to use for a BitLicense, a request for companies since 2015. The NYDFS proposed adopting the regulation to measure costs successful December 2022, aft which clip it met with “key stakeholders” and received feedback. According to the regulator, the projected regularisation was added successful effect to the state’s Financial Services Law not including specified a proviso connected the appraisal of operating costs.

Related: New York Assembly introduces crypto payments measure for fines, taxes

The NYDFS listed 33 companies progressive successful crypto and blockchain operating in the authorities nether a virtual currency license, constricted intent spot charter, oregon wealth transmitter licence arsenic of Feb. 10. New York City Mayor Eric Adams suggested the authorities scrap the BitLicense authorities successful April 2022, claiming the requirements stifled innovation and economical growth.

Magazine: Crypto City: Guide to New York