The addition – The New York State Department of Financial Services is starting to implement a legal commissionwhich allows it to recoup the costs of monitoring crypto companies by billing them.
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Crypto companies billed and monitored in NYC
Last week, New York State Department of Financial Services Superintendent Adrienne A. Harris announcement that his institution had published a liquidation proposalon how the costs of supervising and auditing licensed crypto businesses would be assessed.
The department submitted this proposal for public comment, for 10 days from the date of publication. This proposed rule implements a statutory provision on the New York State budget for fiscal year 2023. Under this provision, the department can collect tracking fees cryptographic companies that have a license.
The amount of these costs to be invoiced is therefore not fixed, but varies from company to company. Interested companies can pay in five installmentsspread over the fiscal year.
According to Adrienne A. Harris, these regulations allow the department to “continue to add top talent to its virtual currency regulatory team.” In addition to imposing high standards on cryptocurrencies, levying oversight fees would allow the department to continue to not only “protect consumers” but also “ensure the safety and soundness of this industry.”
Crypto firms operating in New York appear to be under increasing regulatory pressure from the industry. A few days before the publication of this draft regulation, the governor had signed it the law prohibiting the establishment of new mining companies in the state qui would not be 100% green.
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