NY Financial Regulator Adopts Virtual Currency Assessment Rule
The New York Department of Financial Services, or NYDFS, has adopted a new regulation for how crypto companies will be assessed for costs associated with their supervision.
The regulation will require companies to meet rigorous standards for capitalization, cybersecurity protection and anti-money-laundering protocols, NYDFS said in a statement Monday.
Only companies with a state-issued BitLicense – a license granted by NYDFS that allows firms to business in New York – are subject to the regulation. Only 22 companies have that license.