Crypto firms operating in New York have been required to apply for a BitLicense since 2015. Now, the New York State Department of Financial Services has adopted a regulation that enables the government agency to assess supervisory costs from licensed crypto firms operating in the state. The government department will use the supervisory costs for “adding top talent to its virtual currency team”. As innovators continue to develop new products and use cases for digital assets, the regulation is anticipated to equip the department with supplementary tools and resources to oversee the virtual currency industry.
The NYDFS proposed adopting the regulation to assess costs in December 2022, after which it met with “key stakeholders” and received feedback. As of February 10th, the NYDFS had identified 33 crypto and blockchain companies that were operating in the state under licenses such as virtual currency license, limited purpose trust charter, or money transmitter license.