DFS: “Crypto Companies Will Start Paying an Annual Fee”

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The New York City Financial Services Authority (DFS) has recently unveiled one of its recently adopted executive orders. In particular, the document refers to the introduction of an additional fee that will have to be paid annually by companies associated with digital assets.

According to a statement, a new type of tax has been introduced on crypto firms specifically to improve the quality of the regulator’s work. The announcement explains that DFS’s BitLicensed activities require a large number of audits, analyzes and studies to be carried out by DFS.

Until today, the department notes, all the costs of remuneration of high-class tax and cryptocurrency experts were covered from the general budget. The recent decision of the regulator, in turn, was to create equity capital to pay for such services, which will consist of contributions from firms that have already received crypto-permission. According to the statement:

“New York has become the first state in the US to actively begin issuing permits and licenses to companies whose activities are related to virtual currencies. We want to remain as friendly to the crypto industry, however, for this we need to replenish our human resources with competent and high-class employees.”