NYDFS plays financial Robin Hood, adopting regulation to take supervisory costs from licensed crypto firms to hire top talent for its virtual currency team.
The New York State Department of Financial Services, or NYDFS, has adopted a regulation that will allow the government agency to assess supervisory costs from licensed crypto firms operating in the state.the supervisory costs enforced by the new regulation would be used for “adding top talent to its virtual currency team”. The government department will assess costs for the supervision and examination of crypto firms operating in the state with a BitLicense.
“This regulation provides the Department with additional tools and resources to regulate the virtual currency industry now and in the future as innovators create new products and use cases for digital assets,” said NYDFS Superintendent Adrienne Harris.
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