The NY Authorities Get The Public To Vote On New Regulation Ideas
The NY government suggests holding cryptocurrency companies accountable for their regulation. Adrian Harris, the supervisor in charge of the proposal, is searching for people’s reactions to this idea because regulators want more
The new proposal will go through the public review process
NY State suggests holding cryptocurrency companies accountable for regulation. The NY governmental body of financial regulation has undergone a projected amendment to state legislation that might enable it to impose regulatory burdens on authorized cryptocurrency businesses.
It may seem strange, but DFS is required by the finance ministry authorities to recover its expenditures from certified non-cryptocurrency finance-regulating companies in order to possess the supervision of them.
Adrian Harris, the superintendent of DFS, is the one driving the initiative. On the first of December, he announced it on the DFS website and invited crypto users to comment on it on the idea in 10 days.
As FSL had no clause for crypto-related businesses when crypto-regulation got adopted in New York about a decade ago, Harris main aim was to turn electronic money commerce into something more related to different adjusted finance bodies in the country.
The new rules will enable government supervision of crypto companies
Additionally, Harris notes that these new rules might enable the authorities to maintain the addition of the best experts to its cryptocurrency law-making workers. According to Harris, the authorities plan to maintain crypto-related corporations to the most detailed criteria through licensing, supervision, and enforcement. The power to gather superordinate fees might let the government secure users’ assets.
Still, there isn’t a unified tax that every business has to pay as the extent of supervision varies. Nevertheless, the overall sum that would be paid over the last year with five different payment intervals.
On December 12, during a US Senate committee hearing about his FTX fiasco, R. Behnam, the head of the CFTC, declared that the department has control over cryptocurrencies. Nevertheless, the new laws will still have to go through the public approval stage and must be accepted by the crypto community to become valid.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
