The New York State Department of Financial Services (DFS) has presented a proposal to amend state legislation and charge licensed cryptocurrency companies for regulating them. Although it may seem strange, the DFS frequently charges its regulated non-crypto financial organizations for the costs and expenses of keeping watch over them under the Financial Services Law (FSL).

The initiative is being led by DFS Superintendent Adrienne Harris, who made the announcement via the DFS website on 1 December. The proposal is available for public comment for the next ten days.

As the FSL did not include a provision for crypto enterprises when crypto regulation was enacted in New York in 2015, Harris is essentially aiming to bring virtual currency businesses in line with the state’s traditional financial institutions.

(by Suzuki Shillsalot)