Thread by @shyftnetwork

After BitLicense & a 2-year moratorium on PoW mining, New York State has come up with another proposed #crypto regulation. 📜

And according to many, it might impede the growth of the #blockchain industry in New York. ⚠️

But state authorities believe otherwise. 

In fact, they think this #regulations would only strengthen the industry. 🤝

This time, The New York State Department of Financial Services (NYDFS) has proposed a Virtual Currency License Assessment bill asking the state to collect fees from #crypto businesses. 💰

Yes, you read that right! 

And for what exactly? 🤔

The state believes the new provisions would help it acquire top talents for the team. 

And this team would protect consumers and ensure the safety and soundness of the industry.

However, the #regulation is only supposed to apply to entities licensed under the 23NYCRR Part 200.

More details on 23NYCRR Part 200 can be found here: regulations.justia.com/states/new-yor…

So, what’s the reaction from industry stakeholders?

The industry stakeholders believe the proposed #bill might end up becoming another roadblock as it would shoot up annual expenses. 🚧

The concern is more among the emerging companies who prioritize crypto-friendly jurisdictions to protect their bottom line.

Already, BitLicense fees are a concern for the budding #crypto industry players in the state. 

Moreover, experts also think that a two-year mining ban ⛏ ❌ might snowball into something more detrimental than what it appears now.

So, would the new proposal add to the worries? 

Or it would make the ecosystem more efficient. 🤔 That is something only time will tell. 

What do you think? Let us know your views in the comments.