The bill – The New York State Department of Financial Services is beginning to implement a legal provisionwhich allows it to recover the costs of monitoring crypto companies, by charging them to them.
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Crypto Companies Billed and Monitored in New York
Last week, New York State Department of Financial Services Superintendent Adrienne A. Harris announced that her institution had issued a settlement proposalon how the costs of overseeing and reviewing licensed crypto businesses would be assessed.
The department has submitted this proposal for public comment, for 10 days following its publication date. This proposed rule implements a statutory provision on the New York State budget for the 2023 fiscal year. Under this provision, the department may collect monitoring costs crypto companies that have a license.
The amount of these costs to be invoiced is therefore not fixed, but varies from company to company. The companies concerned 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 crypto businesses, the collection of oversight costs would also allow the department to continue to not only “protect consumers” but also “ensure the safety and soundness of this industry.”
Crypto businesses that operate 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 the law prohibiting the establishment in the State of new mining companies qui would not be 100% green.
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