NEW YORK–New York’s Department of Financial Services will soon begin charging cryptocurrency companies for the time inspectors spend examining them, according to a provision in the recently passed $220-billion budget.
The change brings the regulation of crypto companies in line with that of banks and insurers, according to analysts.
Companies that wish to facilitate trading cryptocurrency in New York are required to receive a BitLicense from the state DFS. The idea of assessing charges to crypto firms was supported by Adrienne Harris, the recently appointed DFS superintendent, according to Crain’s New York Business.
“A long-running complaint from the crypto industry is that the state takes too long to review BitLicense applications,” Crain’s reported.
About 30 companies have received the license in the seven years the program has been active.
“This new authority will empower the department to build staff with the capacity and expertise to best regulate and support this rapidly growing industry,” Harris said in a statement announcing the change.