Bill > S08901

This bill amends the financial services law to prohibit unlicensed virtual currency businesses and establish criminal penalties for such activities. A "prohibited unlicensed virtual currency act" is defined as conducting business in New York that requires a license from the Department of Financial Services without obtaining that license. The bill outlines escalating criminal penalties based on the value of virtual currency handled and the duration of the unlicensed activity, ranging from a class A misdemeanor for any unlicensed act to class C, D, and E felonies for more significant violations, including handling over $100,000 in 30 days or $1 million in a year, or knowingly dealing with proceeds of criminal conduct.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S8901