The New York Department of Financial Services (NYDFS) has adopted a new regulation for how crypto companies will be assessed for costs associated with their supervision.

The regulation will require companies to meet rigorous standards for capitalization, cybersecurity protection, and anti-money laundering protocols, NYDFS said in a statement Monday.

Only companies with a DFS-issued Bitlicense – a business license granted by NYDFS that allows firms to business in New York – are subject to the regulation. Currently, only 22 companies hold such a license.

About a year ago, the New York State Senate said that it would boost NYDFS efforts to oversee the cryptocurrency sector in an attempt to match oversight over crypto currencies with how the regulator oversees more traditional banks and financial services firms.

(by Nikhilesh De)