NYDFS

The cost of running a crypto business in New York is about to rise with the state government gearing up to require companies holding a BitLicense to pay assessment fees to ensure they’re complying with regulations. The rule was included in New York State’s FY2023 budget signed into law on April 9th by Governor Kathy Hochul giving the state’s Department Of Financial Services (DFS) a “new authority to collect supervisory costs from licensed virtual currency businesses,” according to a statement by the DFS. DFS Superintendent Adrienne Harris said the fees would bring virtual currency businesses in line with those already paid by institutions such as banking and insurance companies and added: “New York was the first to start licensing and supervising virtual currency companies, and we co...