New York Governor Andrew Cuomo believes that the cost of regulatory oversight should be paid by crypto firms registered under New York’s Financial Services Law (FSL).
New York Governor proposes edit to Financial Services Law
The governor voiced his opinion in New York during the state speech on January 8. The governor wants lawmakers to make amendments to the Financial Services Law. The proposed edit would require firms and other registered entities under the jurisdiction of FSL to pay the costs for oversight conducted by the New York State Department of Financial Services (NYDFS).
NYDFS is one of the major regulatory agencies established in New York that governs crypto-related firms and entities. The agency is responsible for issuing BitLicense, a business license for digital assets. Read More...