The city of New York will start requiring its crypto-based firms to start paying assessment fees. The New York Department of Financial Services (NYDFS) has been granted with the power to charger these supplementary fees by the NYC senate. As of this moment, the exact fee has not been revealed.
Only crypto firms are required to pay the new fee; exempted are companies that user crypto-based payment methods, those that create crypto-related software, or those that offer advisory services.
Adrienne A. Harris – the Superintendent of the NYDFS – commented that the new ruling will motivate the NYC Department to increase its experts in order to best regulate the ever-growing crypto industry. As for the technicalities, Harris assured the public that “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.”
The city is continuously attracting more licenses and companies, while it also ranks as the place with the most startup funding operations in the country. However, taxes have historically been known to shift entire regions’ specialized economies; if a firm doe snot accepts to ay the current tax, or taxes are at a risk of rising, then the company may chose to relocate.