The bill – The New York State Department of Financial Services began implementing a legal provisionwhich allows it to recover the costs of monitoring crypto companies, by charging them to them.
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Crypto Companies Charged and Supervised in New York
Last week, New York State Department of Financial Services Superintendent Adrienne A. Harris announced that her institution released a settlement proposalhow to assess the cost of managing and reviewing licensed crypto businesses.
The department submitted this proposal for public comment, within 10 days after its publication date. This proposed rule implements a statutory provision in the New York State budget for the 2023 fiscal year. Under this provision, the department may collection of monitoring costs licensed crypto companies.
The amount of these costs to be invoiced is therefore not fixed, but varies from company to company. The companies concerned can payment 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 crypto businesses, the collection of administrative costs will also allow the department to continue not only to “protect consumers” but also “to ensure the safety and stability of this industry .”
Crypto businesses 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 signed it the law prohibiting the establishment in the State of new mining companies qui can’t be 100% green.
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