BitLicensed Crypto Firms Ordered to Pay Annual Assessment Fees in New York
Cointelegraph
Published Apr 18, 2022 09:46PM ET
Updated Apr 18, 2022 11:20PM ET
The cost of running a crypto business in New York is about to rise with the state government gearing up to require companies holding a BitLicense to pay assessment fees to ensure they’re complying with regulations.
The rule was included in New York State’s FY2023 budget signed into law on April 9th by Governor Kathy Hochul giving the state's Department Of Financial Services (DFS) a “new authority to collect supervisory costs from licensed virtual currency businesses,” according to a statement by the DFS.
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Written By: Cointelegraph
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