New York NYDFS Virtual Currency Assessment Regulation

The NYDFS Virtual Currency Assessment Regulation is 23 NYCRR Part 102, titled Virtual Currency Licensee Assessments. It is New York’s assessment rule for companies holding a Department of Financial Services virtual-currency license under 23 NYCRR Part 200. The rule was filed on March 31, 2023 and became effective on April 19, 2023, the date the Notice of Adoption was published in the New York State Register.

What the NYDFS virtual currency assessment regulation covers

Part 102 implements the assessment authority added to New York Financial Services Law section 206. That statute authorizes the superintendent to assess persons regulated under the Financial Services Law that engage in virtual currency business activity for operating expenses solely attributable to regulating those persons.

The regulation applies only to Part 200 virtual-currency licensees. It does not replace the BitLicense licensing rule or create a new license category. If a company holds both a Part 200 license and a money-transmitter license, DFS may bill separately for each license. Companies conducting virtual-currency activity as a New York limited purpose trust company or banking organization remain assessed under 23 NYCRR Part 101, and a firm holding both a trust charter and a Part 200 license may be billed separately for each.

• Regulator: New York State Department of Financial Services.
• Covered entities: persons licensed under 23 NYCRR Part 200 for virtual currency business activity.
• Core function: allocation and billing of DFS supervision and examination costs.
• Related framework: New York’s BitLicense rule, 23 NYCRR Part 200.

Assessment methodology and billing process

Part 102 establishes an annual assessment made up of two components. The supervisory component reflects the sum of a licensee’s custody-basis assessment and transaction-volume-basis assessment. The custody basis uses the U.S.-dollar value of virtual currency held for customers, averaged over prior quarter-end balances. The transaction volume basis uses the number of New York virtual-currency transactions in the prior calendar year. Both metrics sort licensees into small, medium or large categories.

The regulatory component represents baseline examination cost. Under the rule, the total annual assessment for each licensee equals its supervisory component plus its regulatory component. DFS’s public billing page explains the recurring fiscal-year process: the New York fiscal year runs from April 1 to March 31, licensees are billed through four estimated quarterly assessments and a final true-up, and payment is due 30 days after the billing date.

Enforcement, special assessments and status

The regulation provides that late fees, interest and other applicable penalties may apply for nonpayment. Possible enforcement actions include suspension, revocation, expiration or termination of a license, or other actions the superintendent considers appropriate. Part 102 also permits special assessments where expenses for a specific examination, investigation or review are best allocated to the individual licensee or licensees involved.

As of June 5, 2026, Part 102 remains in force and operational. DFS continues to maintain an annual assessment page with calculation charts for recent fiscal years, including FY 2026-2027. For Crypto Laws taxonomy, this profile should be treated as a New York financial-services assessment regulation tied to BitLicense supervision, not as a standalone market-access law or customer-facing consumer disclosure rule.