NY A08718

Prohibits virtual currency business activities in New York involving cryptocurrencies in which certain public officials hold a "covered interest" (5%+ ownership, endorsement deals, or entitlement to sale proceeds)

Defines "covered individuals" as the Governor, Lieutenant Governor, Comptroller, Attorney General of New York, the U.S. President, and their spouses, domestic partners, children, dependents, siblings, and parents

Establishes civil penalties of up to $5,000 per day for violations, increasing to $50,000 per day for willful or knowing violations

Covers virtual currency business activities including transfers, custody services, buying/selling, currency exchange, and issuing virtual currencies conducted in or involving New York residents

Takes effect 90 days after becoming law, with immediate authority for agencies to develop implementing regulations