New York proposes to charge crypto companies for regulating them

There are five different parts of New York City: Brooklyn, the Bronx, Manhattan, Queens, and Staten Island. There are more than 200 languages spoken by the 8.4 million people who live there. They are what make New York the most exciting city in the world.

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Adrienne Harris, in charge of DFS, came up with the idea. She wrote about the move on the DFS website on December 1 and asked for feedback for the next ten days.

When New York started to regulate cryptocurrencies in 2015, there was nothing about crypto corporations in the Financial Services Law. Harris’s primary goal is to treat businesses that deal in virtual currencies like other regulated financial businesses in the state.

Harris says that these rules will let the Department keep hiring great people to work on regulating virtual currencies.

Harris said, “We hold companies to the highest standards in the world by licensing, supervising, and enforcing.” He also said, “The Department will be able to keep protecting consumers and keeping this sector safe if it can get its supervision costs back.”

Each business has to go through a different level of inspection, so they don’t all have to pay the same amount. During the fiscal year, however, the total amount due would be split among five payment periods.

Since the cryptocurrency market just lost a lot of money again, it shouldn’t be surprising that regulators are rushing to add more oversight. This time, it was caused by the now-defunct companies FTX, Sam Bankman-Fried, and Alameda Research.

He said that even though he thinks his agency has the tools to keep an eye on cryptocurrency, there are still gaps in the law that need to be filled.

The Department of Financial Services is the state’s leading watchdog regarding money (NYDFS). It keeps an eye on businesses in New York that deal with cryptocurrency and other digital assets and ensures they follow the rules. The state of New York’s financial watchdog has proposed rules allowing it to charge cryptocurrency companies it keeps an eye on for the costs of doing so.bitcoin-profit.com is the official trading website for Bitcoin and other cryptocurrencies.

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With the laws already in place, the agency can charge the same fees as other financial institutions in the state.

When the first crypto rules for New York came out, many crypto businesses thought they needed to be cheaper and easier to follow. Some people called this the “Great Bitcoin Exodus.” Shapeshift and Kraken no longer worked in New York because of this

But in the past few years, the number of companies with a BitLicense or Limited Purpose Trust has grown very quickly. These businesses can start up in the last three months of 2020:

Limited Purpose Trust

Bakkt Trust Company

The Coinbase Custody Trust

The name of the company is Fidelity Digital Asset Services, LLC.

Gemini Trust Company, L.L.C.

Stoneridge is another name for the NYDIG Trust.

LLC The Paxos Trust is a group.