New York Financial Watchdog NYDFS Adopts New Rule, Here’s What It Entails
Under the new rule, NYDFS will assess such firms within its jurisdiction, for the cost of supervising them. The agency will then use this to add “top talent to its virtual currency team.”
This is like billing families for the cost of executing their kin. However, this is precisely how regulations have always worked; the regulated pay to be regulated. This cost is then passed on to customers.
What is interesting is how the NYDFS then uses these costs to justify then employing "top talent". Again, nothing new, and precisely how the revolving-door club of bankster brethren has always worked, so that the regulated and regulators become melded into one authority - to protect the consumer from becoming overly wealthy, or stupidly poor.
You can see the rather short list of currently regulated crypto entites at the NYDFS Virtual Currency Businesses website. Interesting to see that so many of them are for institutional or accredited investors. The future will be like any other brokerage account, with full KYC - see Fidelity as a good example. If you prefer the Wild West of crypto, then also make sure you know how to protect yourself.