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Can you summarize 23 NYCRR 200.12?
Virtual Currencies > Books and records.
Short Summary
This regulation requires licensees engaged in virtual currency business activity to maintain and preserve all books and records related to their business for a period of at least seven years. The records should be kept in their original form or native file format and should be in a condition that allows the superintendent to determine compliance with applicable laws, rules, and regulations. The required books and records include transaction details, general ledger, bank statements, customer statements, compliance records, records of board meetings, records of customer complaints and transaction error resolution, and any other records as required by the superintendent. Licensees are also required to provide immediate access to their facilities, books, records, documents, or other information upon request by the department. Additionally, records of non-completed, outstanding, or inactive virtual currency accounts or transactions should be maintained for at least five years after they are deemed abandoned property. The regulation does not specify any penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Licensees engaged in virtual currency business activity
What does it govern?
Books and records
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
New York