The New York State Department of Financial Services (DFS) has finalized a set of regulations for overseeing crypto businesses registered with its Bitlicense. The new rules, which apply to only about 20 companies, allow the DFS to collect supervisory costs from licensed crypto firms on par with other licensees regulated by the department.

The move is part of the DFS's efforts to treat crypto market businesses on par with banks and traditional financial institutions and could serve as a blueprint for other state regulators in the future.

DFS Superintendent Adrienne A. Harris stated that the new regulation provides the department with additional tools and resources to regulate the virtual currency industry, including rigorous standards for capitalization, cybersecurity protection, and anti-money laundering protocols.