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NY-Licensed Virtual Currency Firms Face New Supervision Fees

Dec. 1, 2022, 6:12 PM

New York’s financial regulator is proposing fees that state-licensed cryptocurrency firms fees will have to pay for government supervision and examination of their finances, similar to the fees that banks and insurers already pay in the state.

The New York Department of Financial Services’ proposed rule, released Thursday, would require cryptocurrency firms operating with a state-issued BitLicense to pay regular assessments that partly cover the costs of ensuring that crypto firms follow capital, liquidity, cybersecurity and anti-money laundering rules specifically tailored to them.

Some cryptocurrency firms operate in the state under a different, special limited purpose trust charter, and they ...