A new bill in Albany could put more administrative muscle behind the state’s cryptocurrency license—allowing state regulators to charge virtual currency companies for time spent examining them, the same as banks and insurers.
New York state has the longest-standing and, many say, strictest licensing process in the country for businesses that want to facilitate cryptocurrency transactions. The rules are overseen by the state Department of Financial Services. A priority of the new DFS superintendent, Adrienne Harris, is putting more resources behind those regulations, in part to address long-running complaints from crypto companies that the review process takes too long.
“We don’t take taxpayer money; we are paid
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