The New York State Department of Financial Services (NYDFS) has passed a new regulation governing how crypto companies will be assessed the costs associated with their regulation.

The rule will require companies to meet strict standards on capitalization, cybersecurity protections and anti-money laundering protocols, NYDFS said in a statement Monday.

NYDFS Superintendent Adrienne Harris said, “As the nation’s first virtual currency prudential regulator, New York has created a framework that sets the highest standards for safety, soundness, and consumer protection while promoting responsible growth. This rule provides the department with additional tools and resources to regulate the virtual currency industry now and in the future as innovators create new products and use cases for digital assets.” (CoinDesk)