Bill > A10246

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 any virtual currency business activity in the state 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 whether the currency is known to be the proceeds of criminal conduct. Specifically, engaging in such unlicensed activity without meeting certain monetary thresholds or knowledge of criminal proceeds constitutes a class A misdemeanor. Higher monetary thresholds for virtual currency transactions, or knowingly dealing with proceeds of criminal conduct, lead to more severe charges, ranging from a class E felony for transactions of $25,000 or more in 30 days (or $250,000 in a year) up to a class C felony for transactions of $100,000 or more in 30 days (or $1 million in a year). The bill takes effect immediately.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A10246