The NYDFS begins with the collection of fees for crypto companies that are supervised by the supervisory authority

The NYDFS begins with the collection of fees for crypto companies that are supervised by the supervisory authority

The New York State Department of Financial Services (NYDFS) said that settlement of cryptocurrency companies registered in the state will begin in exchange for annual examination and surveillance.

Superintendent Adrienne Harris explained that the fees for every organization will be different, depending on their size and complexity.

Krypto bring closer to banks

the nydfs specified The new entity applies to those who have already received the so-called bit license. The financial supervisory authority passed the regulatory system in 2015 and asked for crypto companies to meet various standards for capitalization, anti-money laundering protocols and protection against cyber security.

Every company pays fees five times per financial year (four estimated quarterly bills and one based on the actual expenses). The legislation coincides with the beginning of the New York financial year (April 1) and its end (March 31).

The change aims to bring the cryptocurrency sector closer with banking institutions and insurance companies, since they are obliged to pay annual fees to the NYDFS in exchange for supervision. Superintendent Harris believes that the local digital asset sector could draw many advantages from his cooperation with the watchdog:

"If you can work hand in hand with your supervisory authority and your examiners, we can help you to recognize problems at an early stage before metastasis, and it is really a service that we can offer the industry, and it helps us as supervisory authorities to better monitor this."

Eric Soufer-A senior employee of the consulting company Tusk Strategies-praised the NYDFs for their approach in the crypto area and argued that it was one of the few that recognize the need for relevant regulations in this area: "I think the industry recognizes that New York is the only state that regulates crypto comprehensively and proactively."

The previous guidance of the NYDFS

The controller beforehand pushed Preserver-Spaces = "True"> companies that are active in the state to separate the cryptocurrency stocks of the customers from their own assets, because a mixture to a mixture could lead to financial loss. You should also publish records and have a "clear internal test path" to inform customers about all transactions that affect your funds.

The NYDFS outlined the increasing interest in digital assets in recent years and is of the opinion that the market must work under a comprehensive framework of regulation:

"As the administrator of the assets of other games, virtual currency units (VCE), which act as a custody, an important role in the financial system, and therefore a comprehensive and safe framework of regulatory framework is of crucial importance and trust."

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