The New York State legislature and Governor Hochul enacted a new law that allows NYDFS to assess licensed crypto businesses in the same manner it assesses other regulated entities. Each regulated entity must pay a yearly assessment to NYDFS that, in aggregate, funds NYDFS operations. NYDFS does not rely on taxpayer funds and does not keep penalties that are recovered — those go directly to the state coffers.
NYDS Superintendent Harris on the change: “The budget includes a new authority to collect supervisory costs from licensed virtual currency businesses, like the Department already does for banking and insurance companies. New York was the first to start licensing and supervising virtual currency companies, and we continue to attract more licensees and the most crypto startup funding of any state in the nation. This new authority will empower the Department to build staff with the capacity and expertise to best regulate and support this rapidly growing industry,” she said.”
Media coverage of the announcement is here: https://www.coindesk.com/policy/2022/04/09/new-york-senate-authorizes-nydfs-to-assess-crypto-companies/