Comments to be accepted on proposed regulation regarding virtual currency businesses

The New York State Department of Financial Services is seeking comments on a proposed regulation establishing how licensed virtual currency businesses would be assessed for costs of their supervision and examination.

The proposed regulation would give DFS new authority to collect supervisory costs from licensed virtual currency businesses, similar to other licensed financial institutions in the state.

“New York State has been regulating virtual currency companies since 2015 with a robust prudential framework,” said Adrienne Harris, DFS superintendent. “Through licensing, supervision and enforcement, we hold companies to the highest standards in the world. This assessment authority will allow the Department to continue building the team that is leading the nation with a suite of regulatory tools.”

Harris further said that the ability to collect supervisory costs will help DFS “continue protecting consumers and ensuring the safety and soundness of this industry.” 

Comments will be accepted for 60 days following publication in the State Register.

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