New York Department of Financial Services Approves Virtual Currency Assessment Regulations

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Today’s Cryptocurrency Headline

The New York State Department of Financial Services (DFS) has today adopted a final regulation (Virtual Currency Assessment Regulation) establishing how companies holding a DFS-issued Bitlicense will be assessed for costs of their supervision and examination. The adopted regulation effectuates a provision in the New York State FY23 Budget giving DFS new authority to collect supervisory costs from licensed virtual currency businesses, similar to other licensees regulated by DFS.

This regulation will allow the Department to continue adding top talent to its virtual currency team to continue efficient and effective regulatory oversight.  DFS’s virtual currency regulatory framework mirrors comprehensive banking supervision, requiring companies to meet strict standards in areas such as capitalization, cybersecurity protections, and anti-money laundering protocols. The final regulation outlines the process for assessing the operating costs of virtual currency businesses, comparable to regulated banks and insurance entities.

BingX’s Bitcoin Chart

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According to CoinShare, digital asset investment products saw inflows totalling US$114m last week, which is seeing continued improving sentiment for the asset class. This 4-week run of inflows now total US$345m. During the past 24 hours, Bitcoin has seen a 2.98% decline, hitting an intraday low of $29,240.65. After peaking at $31,000 on April 14, the downward movement suggests that investors are taking profits. However, the gently rising 20-day EMA and the RSI in the positive zone signal a potential advantage for the bulls. If the BTC/USDT pair manages to rebound above the $30,000 level, it could target the $32,000 mark.

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