On Thursday, the New York State Department of Financial Services (NYDFS) proposed a regulation that outlines how the state agency will assess the costs associated with its oversight of New York-regulated crypto companies.
The proposed regulation comes eight months after the New York State Senate authorized the NYDFS to charge crypto companies it oversees, bringing its oversight mandate for crypto in line with how the regulator oversees more traditional banks and financial services institutions.
Adrienne Harris, DFS Superintendent, led out this proposal and aims to bring virtual currency businesses in line with other regulated financial institutions in the state.
Further, Harris says, regulations will allow “the Department to continue adding top talent to its virtual currency regulatory team.”
“Through licensing, supervision, and enforcement, we hold companies to the highest standards in the world,” stated Adrienne, adding that “the ability to collect supervisory costs will help the Department continue protecting consumers and ensuring the safety and soundness of this industry.”
The proposed regulation is subject to a 10-day pre-proposal comment period starting Thursday, followed by a 60-day comment period after publication in the State Register.