New York Governor Wants Crypto Corporations to Pay for Regulation

January 11, 2020 / by Crypto.IQ

New York Governor Andrew Cuomo wants the state’s Financial Services Law (FSL) to be amended so that crypto companies have to pay for the cost of regulation. Apparently, companies licensed under the Insurance Law already have to pay regulators, and Cuomo believes crypto companies should pay regulators too in the name of equality.

New York is already known as being one of the harshest and most expensive places to run a crypto corporation. The New York Bitlicense costs tremendous amounts of money between application fees, reserve requirements, lawyer fees, and constant audits. This has created an extreme barrier for entry in New York, causing most crypto companies to flee the state.

If this new law passes perhaps even more crypto corporations will avoid New York. It is undisclosed at this time how much money crypto corporations would have to pay to be regulated, but it is presumably a lot since New York regulators tend to police the crypto space throughout the entire world, such as the New York Attorney General Office’s case against Bitfinex and Tether Limited.

Hopefully, this is not the start of a new trend where the crypto space is forced to pay for the very regulation that is inhibiting the crypto space. However, it seems that at least in New York regulators have all the chips and crypto corporations are powerless.

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