{
 "jurisdiction_id": "US-NY",
 "jurisdiction": "United States – New York",
 "url": "https://cryptoassets.gi/jurisdictions/united-states-new-york/",
 "generator": "render_jid v13.3.0",
 "date_modified": "2026-08-17",
 "schema_version": "crypto-v2.0.0",
 "counts": {
  "modules": 7,
  "sourced_findings": 34,
  "source_register": 26
 },
 "modules": [
  {
   "code": "crypto_licensing",
   "name": "Crypto Licensing",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/united-states-new-york/#crypto-licensing-crypto-licensing",
   "standing_position": "New York's licensing regime remains stable and long-established: the dual-track BitLicense/LPTC model (23 NYCRR Part 200; NY Banking Law) has been fully in force since 2015, with a clear activity-based trigger (200.2(q)), narrow merchant/consumer and mining carve-outs, and prudential bonding/capitalization floors. The only structural addition identified this cycle is the Part 102 assessment-billing regime (adopted April 2023, implementing 2022-amended FSL Section 206(a)), a cost-recovery mechanism rather than a change to licensing scope.",
   "findings": [
    {
     "finding": "Virtual Currency Business Activity in or with New York -- receiving/transmitting VC, custody, buying/selling as customer business, exchange services, or controlling/administering/issuing VC -- requires a BitLicense.",
     "instrument_type": "regulation",
     "source": "NYDFS BitLicense regime (23 NYCRR 200.2(q))",
     "source_url": "https://www.dfs.ny.gov/virtual_currency_businesses",
     "source_tier": "1",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "As an alternative to the BitLicense, a NY LPTC charter under the NY Banking Law permits money transmission without a separate MTL and confers fiduciary powers unavailable to BitLicensees.",
     "instrument_type": "law",
     "source": "NY limited purpose trust company (LPTC) charter",
     "source_url": "https://www.dfs.ny.gov/virtual_currency_businesses",
     "source_tier": "1",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "Merchants/consumers using VC solely to buy/sell goods or services, and consumers using VC solely for investment, are exempt from the BitLicense requirement.",
     "instrument_type": "regulation",
     "source": "23 NYCRR 200.3(c) exemption",
     "source_url": "https://www.dfs.ny.gov/virtual_currency_businesses",
     "source_tier": "1",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "Mining and private, non-commercial resale of self-mined coins do not in themselves require a BitLicense; other VC activities a miner separately engages in may trigger licensure.",
     "instrument_type": "none",
     "source": "Virtual currency mining / private resale",
     "source_url": "https://www.dfs.ny.gov/virtual_currency_businesses",
     "source_tier": "1",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "BitLicensees must maintain a surety bond or funded account (generally minimum $500,000, may increase) for customer protection; separate capitalization requirements are set under 200.8.",
     "instrument_type": "regulation",
     "source": "23 NYCRR 200.9(a) / 200.8",
     "source_url": "https://www.dfs.ny.gov/virtual_currency_businesses",
     "source_tier": "1",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "NYDFS assesses licensed VC businesses for supervision/examination costs via quarterly estimated billings trued up against actual Virtual Currency Unit expenses, under Part 102 (adopted April 2023) implementing 2022-amended FSL Section 206(a).",
     "instrument_type": "regulation",
     "source": "23 NYCRR Part 102 / FSL Section 206(a)",
     "source_url": "https://www.dfs.ny.gov/apps_and_licensing/virtual_currency/annual_assessment_charges_bitlicense",
     "source_tier": "1",
     "retrieved_at": "2026-08-04"
    }
   ]
  },
  {
   "code": "token_classification",
   "name": "Token Classification",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/united-states-new-york/#token-classification-token-classification",
   "standing_position": "No dedicated NY statutory taxonomy exists for tokens; classification is functionally driven by DFS's discretionary Greenlist/coin-listing process (Nov 2023), which restricts self-certification for entities without an approved policy and treats stablecoins as a distinct listing category. An unresolved federal securities-preemption argument raised by a private issuer's SEC filing remains unconfirmed by DFS.",
   "findings": [
    {
     "finding": "VC Entities without a DFS-approved coin-listing policy may list only Greenlist coins; entities with an approved policy may self-certify other compliant coins, subject to DFS's sole discretion to require delisting at any time.",
     "instrument_type": "guidance",
     "source": "NYDFS Greenlist / coin-listing policy",
     "source_url": "https://www.dfs.ny.gov/industry_guidance/industry_letters/il20231115_listing_virtual_currencies",
     "source_tier": "2",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "Stablecoins are a distinct listing category: a VC Entity cannot self-certify any stablecoin absent Greenlist inclusion or separate prior written DFS approval.",
     "instrument_type": "guidance",
     "source": "DFS coin-listing guidance -- stablecoin category",
     "source_url": "https://www.dfs.ny.gov/industry_guidance/industry_letters/il20231115_listing_virtual_currencies",
     "source_tier": "2",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "A private-party disclosure argues the BitLicense framework is preempted under Securities Act Section 18 (and NY FSL's federal/other-state carve-out) for tokens sold as 'covered securities'; NYDFS has not adopted or confirmed this position.",
     "instrument_type": "issuer",
     "source": "YouNow, Inc. Form 1-A POS disclosure",
     "source_url": "https://www.sec.gov/Archives/edgar/data/1725129/000121390020011711/ea121557-1apos_younow.htm",
     "source_tier": "3",
     "retrieved_at": "2026-08-04"
    }
   ]
  },
  {
   "code": "on_chain_activity_regime",
   "name": "On-Chain Activity Regime",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/united-states-new-york/#on-chain-activity-regime-on-chain-activity-regime",
   "standing_position": "No activity-specific staking/DeFi/DEX rulebook exists; staking is treated as a material change to business under 200.10, and DFS's Sept 2025 custody guidance expressly states it does not address staking or on-chain governance in detail. Mining remains outside the licensing perimeter, and no DeFi/DEX-specific framework has been identified.",
   "findings": [
    {
     "finding": "DFS's custodial-structures guidance expressly states it pertains to custodial safekeeping generally and is not intended to address in detail ancillary activities such as staking or on-chain governance.",
     "instrument_type": "guidance",
     "source": "NYDFS custodial-structures guidance (Sept 2025)",
     "source_url": "https://www.dfs.ny.gov/industry-guidance/industry-letters/il20250930-updated-guidance-custodial-structures",
     "source_tier": "2",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "Introduction of a materially new product/service/activity by a VC Entity or LPTC, including offering staking, requires prior written DFS approval as a material change to business under 200.10.",
     "instrument_type": "regulation",
     "source": "23 NYCRR 200.10 (material change to business)",
     "source_url": "https://www.dfs.ny.gov/industry_guidance/industry_letters/il20220608_issuance_stablecoins",
     "source_tier": "2",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "Virtual currency mining does not in itself require a BitLicense in New York.",
     "instrument_type": "none",
     "source": "Virtual currency mining",
     "source_url": "https://www.dfs.ny.gov/virtual_currency_businesses",
     "source_tier": "1",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "No NYDFS-published activity-specific regulatory framework for DeFi lending or DEX operation has been identified.",
     "instrument_type": "none",
     "source": "DeFi lending / DEX operation",
     "source_url": "https://www.dfs.ny.gov/virtual_currency_businesses",
     "source_tier": "1",
     "retrieved_at": "2026-08-04"
    }
   ]
  },
  {
   "code": "stablecoin_regime",
   "name": "Stablecoin Regime",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/united-states-new-york/#stablecoin-regime-stablecoin-regime",
   "standing_position": "Core stablecoin guidance (June 2022) -- prior-approval issuance, 1:1 segregated reserves, T+2 redemption, monthly attestation, no algorithmic stablecoin approval -- remains the binding baseline. The lead development this cycle is DFS's June 2026 proposal of new 23 NYCRR Part 202 to align this framework with the federal GENIUS Act, adding reserve-concentration caps and wind-down triggers; the 2022 guidance is withdrawn only upon Part 202's effective date, with a one-year transition for existing issuers.",
   "findings": [
    {
     "finding": "BitLicensees and LPTCs must obtain DFS's prior written approval before introducing a stablecoin, as issuance constitutes a material change to business.",
     "instrument_type": "guidance",
     "source": "NYDFS stablecoin guidance (2022)",
     "source_url": "https://www.dfs.ny.gov/industry_guidance/industry_letters/il20220608_issuance_stablecoins",
     "source_tier": "2",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "A DFS-approved USD-backed stablecoin must be fully backed 1:1 by a Reserve held in segregated accounts at FDIC-insured institutions and/or DFS-approved custodians, composed only of specified low-risk assets.",
     "instrument_type": "guidance",
     "source": "NYDFS stablecoin guidance (2022) -- reserve requirement",
     "source_url": "https://www.dfs.ny.gov/industry_guidance/industry_letters/il20220608_issuance_stablecoins",
     "source_tier": "2",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "Issuers must adopt DFS-approved redemption policies conferring holder redemption rights fulfilled generally within two business days (T+2), except where DFS permits delay in extraordinary circumstances.",
     "instrument_type": "guidance",
     "source": "NYDFS stablecoin guidance (2022) -- redemption",
     "source_url": "https://www.dfs.ny.gov/industry_guidance/industry_letters/il20220608_issuance_stablecoins",
     "source_tier": "2",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "Issuers must undergo at least monthly independent CPA attestation of Reserve composition/outstanding-unit value, with historically bi-monthly public reporting, plus DFS-required bi-weekly reporting of bank-partnership relationships, reserve mix, and mint/burn flows.",
     "instrument_type": "guidance",
     "source": "NYDFS stablecoin guidance (2022) -- attestation/reporting",
     "source_url": "https://www.dfs.ny.gov/industry_guidance/industry_letters/il20220608_issuance_stablecoins",
     "source_tier": "2",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "On June 9, 2026 NYDFS proposed new 23 NYCRR Part 202 to align its stablecoin framework with the federal GENIUS Act; subject to a 10-day preproposal comment period followed by a 60-day comment period; the 2022 guidance is withdrawn only upon Part 202's effective date, tied to GENIUS Act operativeness with a one-year transition for existing issuers.",
     "instrument_type": "regulation",
     "source": "Proposed 23 NYCRR Part 202 (Authorized Payment Stablecoin Issuers)",
     "source_url": "https://www.dfs.ny.gov/system/files/documents/2026/06/rppd-23reg202-text_0.pdf",
     "source_tier": "1",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "Issuers with >=$25B outstanding stablecoins would hold >=0.5% of reserves (capped at $500M) in insured deposits, cap reserve concentration at any single custodian, and mandate wind-down (liquidation, fee-free redemption) if minimum reserves unmet for 15 consecutive business days.",
     "instrument_type": "regulation",
     "source": "Proposed 23 NYCRR Part 202 -- reserve concentration/wind-down",
     "source_url": "https://www.dfs.ny.gov/system/files/documents/2026/06/rppd-23reg202-text_0.pdf",
     "source_tier": "1",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "NYDFS has not approved issuance of any algorithmic stablecoin, reflecting a supervisory policy distinguishing fiat-collateralized issuance (approved) from algorithmic designs (not approved), informed by the 2022 TerraUSD collapse.",
     "instrument_type": "guidance",
     "source": "NYDFS algorithmic-stablecoin policy",
     "source_url": "https://www.dfs.ny.gov/industry_guidance/industry_letters/il20220608_issuance_stablecoins",
     "source_tier": "2",
     "retrieved_at": "2026-08-04"
    }
   ]
  },
  {
   "code": "consumer_protection",
   "name": "Consumer Protection",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/united-states-new-york/#consumer-protection-consumer-protection",
   "standing_position": "Binding, enforced custody-segregation, disclosure, and anti-deceptive-marketing rules are well documented under 23 NYCRR Part 200, recently reinforced by the Sept 30 2025 updated custodial-structures guidance covering segregation, sub-custodian disclosure, and insolvency-protection standards. Suitability testing and dedicated complaint-handling rules remain gaps.",
   "findings": [
    {
     "finding": "BitLicensees must hold VC in a manner that protects customer assets, maintain comprehensive books/records, and properly disclose material terms of products/services including custody.",
     "instrument_type": "regulation",
     "source": "23 NYCRR Part 200 -- asset protection/disclosure",
     "source_url": "https://www.dfs.ny.gov/industry-guidance/industry-letters/il20250930-updated-guidance-custodial-structures",
     "source_tier": "2",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "VCE Custodians must separately account for and segregate customer VC from corporate assets on-chain and on internal ledgers via individually named wallets/ledger accounts or omnibus accounts held as agent/trustee with a clear audit trail; exceptions require DFS prior written approval.",
     "instrument_type": "guidance",
     "source": "NYDFS custodial-structures guidance (Sept 2025) -- segregation detail",
     "source_url": "https://www.dfs.ny.gov/industry-guidance/industry-letters/il20250930-updated-guidance-custodial-structures",
     "source_tier": "2",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "BitLicensees must refrain from false, misleading, or deceptive representations or omissions in marketing materials.",
     "instrument_type": "regulation",
     "source": "23 NYCRR Part 200 -- marketing restriction",
     "source_url": "https://www.dfs.ny.gov/industry-guidance/industry-letters/il20250930-updated-guidance-custodial-structures",
     "source_tier": "2",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "A VCE Custodian is expected to clearly disclose segregation/accounting methods, the customer's retained property interest, permitted uses of custodied VC, and applicable limitations, and make standard disclosures/customer agreements accessible on its website.",
     "instrument_type": "guidance",
     "source": "VCE Custodian disclosure expectations",
     "source_url": "https://www.dfs.ny.gov/industry-guidance/industry-letters/il20250930-updated-guidance-custodial-structures",
     "source_tier": "2",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "Where a VCE Custodian uses third-party sub-custody, the customer agreement must disclose the arrangement's terms/risks, and the sub-custodian must be DFS-chartered/licensed or subject to a substantially similar regime as determined by DFS's sole discretion.",
     "instrument_type": "guidance",
     "source": "Sub-custody disclosure requirement",
     "source_url": "https://www.dfs.ny.gov/industry-guidance/industry-letters/il20250930-updated-guidance-custodial-structures",
     "source_tier": "2",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "No NYDFS-specific suitability or appropriateness-testing regime for retail virtual currency product offerings was identified.",
     "instrument_type": "none",
     "source": "Suitability/appropriateness testing",
     "source_url": "https://www.dfs.ny.gov/virtual_currency_businesses",
     "source_tier": "1",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "No dedicated public complaint-handling rulebook specific to virtual currency consumers was located beyond general DFS supervisory-agreement/consumer-assistance mechanisms.",
     "instrument_type": "none",
     "source": "Complaint-handling rulebook",
     "source_url": "https://www.dfs.ny.gov/virtual_currency_businesses",
     "source_tier": "1",
     "retrieved_at": "2026-08-04"
    }
   ]
  },
  {
   "code": "tax_treatment",
   "name": "Tax Treatment",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/united-states-new-york/#tax-treatment-tax-treatment",
   "standing_position": "Long-standing Dec 2014 property-tax conformance memorandum (secondary-sourced) remains the operative NY position: VC purchases not subject to sales tax (intangible property/barter treatment); income tax conforms to IRS Notice 2014-21 property treatment. No material update identified, and the primary source itself remains unretrieved.",
   "findings": [
    {
     "finding": "Virtual currency purchases are not themselves subject to NY sales tax because VC is treated as intangible property; sale/exchange involving VC is a barter transaction, so only certain goods/services exchanged for VC are subject to sales tax/related reporting.",
     "instrument_type": "guidance",
     "source": "NY Dept. of Taxation and Finance (Dec. 2014 memorandum)",
     "source_url": "https://www.coindesk.com/markets/2014/12/09/new-york-state-tax-agency-bitcoin-buyers-dont-need-to-pay-sales-tax",
     "source_tier": "4",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "NY corporate/personal income tax treatment of digital currency conforms to federal (IRS) property treatment per IRS Notice 2014-21 principles.",
     "instrument_type": "guidance",
     "source": "NY income tax conformity",
     "source_url": "https://www.coindesk.com/markets/2014/12/09/new-york-state-tax-agency-bitcoin-buyers-dont-need-to-pay-sales-tax",
     "source_tier": "4",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "No New York-specific virtual-currency information-reporting obligation distinct from federal IRS reporting requirements was identified in this research pass.",
     "instrument_type": "none",
     "source": "NY-specific VC information-reporting obligation",
     "source_url": "https://www.coindesk.com/markets/2014/12/09/new-york-state-tax-agency-bitcoin-buyers-dont-need-to-pay-sales-tax",
     "source_tier": "4",
     "retrieved_at": "2026-08-04"
    }
   ]
  },
  {
   "code": "cross_border_transfer",
   "name": "Cross-Border Transfer",
   "confidence": null,
   "moved_this_cycle": false,
   "url": "https://cryptoassets.gi/jurisdictions/united-states-new-york/#cross-border-transfer-cross-border-transfer",
   "standing_position": "NYDFS has reiterated OFAC sanctions-screening and blockchain-analytics expectations for cross-border/on-chain flows via the June 2025 Industry Letter on global-conflict risk, building on April 2022 blockchain-analytics guidance. No NY-specific outbound capital-flow restriction distinct from federal OFAC programs was identified; this module captures only the sanctions-screening slice, with the broader AML/CFT surface subscribed to financial-integrity pending A1 consolidation.",
   "findings": [
    {
     "finding": "NYDFS-regulated entities, including VC businesses, are prohibited from transacting with OFAC SDN-listed persons absent authorization, and must monitor for/block sanctioned transactions, continuously updating compliance policies.",
     "instrument_type": "guidance",
     "source": "NYDFS Industry Letter -- Impact of Global Conflict (June 2025)",
     "source_url": "https://www.dfs.ny.gov/industry_guidance/industry_letters/il20250623_impact-global-conflict",
     "source_tier": "2",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "Expected internal controls include geolocation/IP identification and blocking, and blockchain analytics/transaction monitoring to identify VC addresses linked to SDN-listed persons or comprehensively sanctioned jurisdictions.",
     "instrument_type": "guidance",
     "source": "DFS sanctions-control expectations (June 2025 letter)",
     "source_url": "https://www.dfs.ny.gov/industry_guidance/industry_letters/il20250623_impact-global-conflict",
     "source_tier": "2",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "VC Entities must conduct sanctions screening of on-chain activity and provenance/transaction tracing for inbound/outbound flows across each supported VC, given the pseudonymous, peer-to-peer nature of on-chain transfers.",
     "instrument_type": "guidance",
     "source": "NYDFS blockchain-analytics guidance (April 2022)",
     "source_url": "https://www.dfs.ny.gov/industry_guidance/industry_letters/il20220428_guidance_use_blockchain_analytics",
     "source_tier": "2",
     "retrieved_at": "2026-08-04"
    },
    {
     "finding": "No New York-specific outbound capital-flow restriction on virtual currency transfers (distinct from federal OFAC sanctions programs) was identified.",
     "instrument_type": "none",
     "source": "NY-specific outbound capital-flow restriction",
     "source_url": "https://www.dfs.ny.gov/industry_guidance/industry_letters/il20250623_impact-global-conflict",
     "source_tier": "2",
     "retrieved_at": "2026-08-04"
    }
   ]
  }
 ]
}