BitLicensed Crypto Firms Ordered to Pay Annual Assessment Fees in New York

The cost of running a crypto business in New York is soaring that state governments are enforcing rules to ensure that Beetle-licensed companies have to pay a valuation fee.

The rule was incorporated into New York State's FY2023 budget, which was signed into law April 9 by Governor Kathy Hochul, giving the state's Financial Services Department (DFS) new authority to collect supervisory costs from licensed virtual currency businesses, according to a DFS statement.

DFS Superintendent Adrian Harris said the fees would allow virtual currency businesses to be paid in advance by institutions such as banking and insurance companies.