Establishes requirements for limited purpose trust companies in New York.

This bill establishes requirements for the creation and operation of limited purpose trust companies in New York. It outlines the application process, including background checks and financial disclosures for board members and major shareholders. The bill also details the types of assets these companies can hold, such as cash equivalents and digital assets, and mandates audits and encryption standards for virtual currency. It sets provisions for the approval of new products or services and requires the maintenance of customer funds and assets in trust.

Establishes requirements for limited purpose trust companies in New York.

This bill establishes requirements for the creation and operation of limited purpose trust companies in New York. It outlines the application process, including background checks and financial disclosures for board members and major shareholders. The bill also details the types of assets these companies can hold, such as cash equivalents and digital assets, and mandates audits and encryption standards for virtual currency. It sets provisions for the approval of new products or services and requires the maintenance of customer funds and assets in trust.