NY Financial Regulator Implements Virtual Currency Supervision Fees for Crypto Firms

The New York Department of Financial Services (NYDFS) has adopted a new regulation for assessing costs associated with supervising crypto companies. The regulation requires companies to meet rigorous standards for capitalization, cybersecurity protection, and anti-money laundering protocols. Only companies with a state-issued BitLicense are subject to the regulation, of which only 22 companies have that license. The regulation aims to set the highest standards for safety, soundness, and consumer protection while fostering responsible growth in the virtual currency industry.