New York A 10246: Prohibits unlicensed activities of virtual currency businesses

Bill Text

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A10246 Summary:

BILL NOA10246 

&nbsp

SAME ASSAME AS S08901

&nbsp

SPONSORLee

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Add §408-b, Fin Serv L

&nbsp

Prohibits unlicensed activities of virtual currency businesses and establishes criminal penalties for such actions.

Go to top A10246 Actions:

BILL NOA10246 

&nbsp

02/12/2026referred to banks

Go to topA10246 Committee&nbspVotes:

Go to topA10246 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA10246 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10246

 IN ASSEMBLY

 February 12, 2026
 ___________

 Introduced by M. of A. LEE -- read once and referred to the Committee on
 Banks

 AN ACT to amend the financial services law, in relation to prohibiting
 unlicensed activities of virtual currency businesses

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The financial services law is amended by adding a new
 2 section 408-b to read as follows:
 3 § 408-b. Unlicensed virtual currency businesses. (a) For the purposes
 4 of this section, a "prohibited unlicensed virtual currency act" shall
 5 mean engaging in an activity in this state for which a license is
 6 required by the department, without such license.
 7 (b) In addition to any civil or criminal liability provided by law:
 8 (1) any person who engages in a prohibited unlicensed virtual currency
 9 act shall be guilty of a class A misdemeanor;
 10 (2) any person who engages in a prohibited unlicensed virtual currency
 11 act, and in the course of that violation engages in virtual currency
 12 business activity, as defined by the department, that receives for tran-
 13 smission, transmits, stores, holds, maintains custody or control, buys,
 14 sells, provides exchange services, administers, or issues virtual
 15 currency: (A) with a total value of twenty-five thousand dollars or more
 16 during a period of thirty days or less, or a total of two hundred fifty
 17 thousand dollars or more during a period of one year or less; or (B)
 18 knowing said virtual currency to be the proceeds of any criminal
 19 conduct, shall be guilty of a class E felony;
 20 (3) any person who engages in a prohibited unlicensed virtual currency
 21 act, and in the course of that violation engages in virtual currency
 22 business activity, as defined by the department, that receives for tran-
 23 smission, transmits, stores, holds, maintains custody or control, buys,
 24 sells, provides exchange services, administers, or issues virtual
 25 currency with a total value of fifty thousand dollars or more during a
 26 period of thirty days or less, or a total of five hundred thousand
 27 dollars or more during a period of one year or less, shall be guilty of
 28 a class D felony; and

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD14435-01-6

 A. 10246 2

 1 (4) any person who engages in a prohibited unlicensed virtual currency
 2 act, and in the course of that violation engages in virtual currency
 3 business activity, as defined by the department, that receives for tran-
 4 smission, transmits, stores, holds, maintains custody or control, buys,
 5 sells, provides exchange services, administers, or issues virtual
 6 currency with a total value of one hundred thousand dollars or more
 7 during a period of thirty days or less, or a total of one million
 8 dollars or more during a period of one year or less, shall be guilty of
 9 a class C felony.
 10 § 2. This act shall take effect immediately.

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