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The New York State Department of Financial Services (DFS) on Monday made a significant move in finalizing the way it will oversee crypto businesses registered with it. Although the new set of crypto regulations monitors only 20 odd companies with the Bitlicense, successful implementation of these rules could perhaps turn out to be massive for the wider digital assets market. Amid a series of enforcement actions against crypto market participants in the US, the New York regulator news comes in as a positive development.
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New York New Crypto Supervision Rules
In an official statement, Adrienne A. Harris, Superintendent of Financial Services at the NYDFS, said they adopted a final regulation establishing how companies holding Bitlicense will be assessed for costs of their supervision and examination. This is a major development in the direction of the Department’s target to treat crypto market businesses on par with banks and traditional financial institutions. The new rule allows the department to collect supervisory costs from licensed crypto companies, on par with other licensees regulated by DFS. Although this new rule affects only a handful of companies, this could turnout to be an ideal blueprint for other state regulators to adopt in future.
“This regulation provides the Department with additional tools and resources to regulate the virtual currency industry now and in the future as innovators create new products and use cases for digital assets.”
The statement added that its scrutiny on crypto market involves rigorous standards for capitalization, cybersecurity protection, and anti-money laundering protocols. As part of finalizing the regulations, a provision is placed in the New York State Budget for financial year 2023 to allow the Department to collect supervisory costs.
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