Though some crypto firms operate in New York with a BitLicense, many including NYC Mayor Eric Adams have criticized the licensing regime as a difficult barrier to cross.
The new york State Department of financial Services, or NYDFS, has proposed a regulation that will enable the govt. department to assess supervisory costs from licensed crypto corporations operational within the state.
In a Dec. one announcement, NYDFS Superintendent Adrienne Harris opened the proposed budget measure for public comment. The regulation, if approved, would grant the department the authority to assess prices for the supervising and examination of corporations operational within the state with a BitLicense — a state demand for crypto firms since 2015.
“This assessment authority can enable the Department to continue building the team that's leading the state with a collection of restrictive tools,” said Harris. “The ability to collect supervisory costs will facilitate the Department continue protective consumers and ensuring the safety and soundness of this industry.”
Though some crypto companies still operate in new york with a BitLicense, several as well as new york town mayor Eric Adams have criticized the live as a difficult barrier. The BitLicense originally cost $5,000 in application fees, with the NYDFS setting certain capital needs for operations.
Related: NYDFS calls for crypto firms to use blockchain analytics
The proposed regulation engineered upon a rule signed into law in April granting the NYDFS “authority to gather superordinate costs from licensed virtual currency businesses.” Harris said the rule would help bring rules of crypto firms in line with those imposed on banks and insurance firms.
According to the NYDFS, the proposal can initially be open to public comment for ten days, then an extra 60 days upon publication within the state register.
(TURNER WRIGHT, Cointelegraph, 2022)