New York A08813 regulates businesses involving virtual currencies, requiring licensing, capital maintenance, and compliance with anti-money.

New York A08813 amends the financial services law to regulate businesses involving virtual currencies. It mandates that no person can engage in virtual currency business activity without a license from the superintendent. Licensees must maintain a surety bond or trust account, submit quarterly financial statements, and adhere to anti-money laundering and cybersecurity programs. The bill also outlines procedures for mergers, acquisitions, and changes in control, and requires licensees to report suspicious activities and maintain records for at least five years.

New York A08813 regulates businesses involving virtual currencies, requiring licensing, capital maintenance, and compliance with anti-money.

New York A08813 amends the financial services law to regulate businesses involving virtual currencies. It mandates that no person can engage in virtual currency business activity without a license from the superintendent. Licensees must maintain a surety bond or trust account, submit quarterly financial statements, and adhere to anti-money laundering and cybersecurity programs. The bill also outlines procedures for mergers, acquisitions, and changes in control, and requires licensees to report suspicious activities and maintain records for at least five years.