NY A08813

Requires any person conducting virtual currency business activity in New York to obtain a license from the Superintendent of Financial Services, with a $5,000 application fee and 90-day approval timeline

Defines virtual currency business activity as receiving/transmitting virtual currency, storing/custody of virtual currency for others, buying/selling or exchanging virtual currency as a customer business, or issuing virtual currency

Mandates licensees maintain capital requirements, surety bonds or trust accounts for customer protection, anti-money laundering programs, cybersecurity programs, and business continuity/disaster recovery plans

Requires customer disclosures about risks including that virtual currency is not legal tender, not FDIC insured, may be volatile, transactions may be irreversible, and subject to fraud/cyber attack risks

Exempts banks chartered under New York banking law (with superintendent approval) and merchants/consumers using virtual currency solely for purchasing goods/services or investment purposes from licensing requirements