NYDFS is the body that oversees New York State’s historic virtual currency license, commonly known as the BitLicense.
The New York State Senate is driving the efforts of the Department of Financial Services (NYDFS) of the state to oversee the cryptocurrency sector.
In this sense, the New York Senate approved its budget for fiscal year 2023 early yesterday, which includes a provision that tasks the NYDFS with developing a new “assessment” for the cryptocurrency companies it oversees. In this way, it seeks to align its supervision mandate in virtual currencies with the same way in which the regulator supervises more traditional banks. and financial services companies.
The evaluations are intended to “defray operating expenses”, according to the text of the revised budget by means such as coin desk, and they are only intended to cover expenses directly related to the supervision of crypto companies.
“The expenses of each examination of the affairs of any regulated person under this chapter who is engaged in virtual currency business shall be borne and paid by the regulated person so examined, but the superintendent, with the approval of the comptroller, may, at the discretion of the superintendent, for cause, refer such charges.” says the text of the budget.
NYDFS oversees the most developed cryptocurrency regulation in the US through its virtual currency licensing regime, known as BitLicense. Companies hoping to offer New York residents access to cryptocurrency trading or wallet services must get a BitLicense before you can establish a trade.
In a statement, NYDFS Superintendent Adrienne Harris said the budget “It would revitalize our state’s economy and create a stronger New York.”
“The budget includes new authority to charge oversight costs for licensed virtual currency businesses, as the Department already does for banking and insurance companies. New York was the first to begin licensing and overseeing virtual currency companies, and we continue to attract the most licensees and the most crypto startup funding of any state in the nation. This new authority will empower the Department to develop staff with the skills and experience to better regulate and support this rapidly growing industry.”said.
The new budget provisions will take effect in two months.
It is worth remembering that there are other crypto issues that New York legislators are discussing, in particular, last March a bill was released that seeks to curb proof-of-work (PoW) cryptocurrency mining operations such as Bitcoin throughout the state.
Translation and version of DailyBitcoin
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