New York A10246 prohibits unlicensed activities of virtual currency businesses and sets criminal penalties for violations.

New York A10246 amends the financial services law to prohibit unlicensed activities of virtual currency businesses. It establishes criminal penalties for individuals engaging in unlicensed virtual currency acts, with varying felony charges based on the total value of virtual currency transactions. Penalties range from a class E felony for transactions over $25,000 in 30 days or $250,000 in a year, to a class C felony for transactions over $1 million in a year. The act takes effect immediately.

New York A10246 prohibits unlicensed activities of virtual currency businesses and sets criminal penalties for violations.

New York A10246 amends the financial services law to prohibit unlicensed activities of virtual currency businesses. It establishes criminal penalties for individuals engaging in unlicensed virtual currency acts, with varying felony charges based on the total value of virtual currency transactions. Penalties range from a class E felony for transactions over $25,000 in 30 days or $250,000 in a year, to a class C felony for transactions over $1 million in a year. The act takes effect immediately.