New York S08901 prohibits unlicensed virtual currency businesses and sets criminal penalties for violations.
New York S08901 amends the financial services law by adding a new section that prohibits unlicensed virtual currency businesses. It defines "prohibited unlicensed virtual currency act" as engaging in activities requiring a license without one. The bill establishes criminal penalties for such actions, including class A misdemeanor, class E felony, and class C felony, depending on the value of the virtual currency involved and whether it is proceeds of criminal conduct.
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