NYDFS ISSUES “PRE-PROPOSAL” FOR REGULATION PROVIDING FOR ASSESSMENT OF BITLICENSEES

NYDFS issued a so-called “Pre-Proposal” for regulation providing for assessments of entities with a BitLicense, pursuant to the New York budget legislation passed in the Spring authorizing these assessments.

Cryptocurrency entities chartered by NYDFS as a limited purpose trust charter will continue to be assessed under the regulations issued under the Banking Law.

Comments on the pre-proposal due by December 10th, after which the agency intends to issue a proposed regulation pursuant to normal rulemaking procedures.

The pre-proposal is here:  https://www.dfs.ny.gov/system/files/documents/2022/11/draft_pre_proposed_23_nycrr_part102.pdf

Pymts.com coverage is here:  https://www.pymnts.com/cryptocurrency/2022/nydfs-proposes-collecting-costs-from-licensed-virtual-currency-businesses/