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Can you summarize 23 NYCRR Part 200?
Regulations of the Superintendent of Financial Services > Virtual Currencies
Short Summary
The provided legal document content covers various aspects related to virtual currencies and the operation of licensees in the virtual currency industry. It includes provisions for consumer protection, disclosure requirements, establishment of business continuity and disaster recovery plans, cyber security programs, anti-money laundering programs, financial reporting and compliance requirements, examinations conducted by the superintendent of financial services, maintenance and preservation of books and records, change of control and mergers and acquisitions, introduction or material change of products or services, custody and protection of customer assets, compliance with applicable laws, rules, and regulations, the application process for obtaining a license, and licensing requirements for virtual currency business activity. These documents apply to persons engaged in virtual currency business activity and licensees operating in the virtual currency industry, including those involved in virtual currencies in New York or serving New York residents. Exemptions from licensing requirements include persons chartered under the New York Banking Law and approved by the superintendent, as well as merchants and consumers utilizing virtual currency solely for specific purposes. No specific penalties are mentioned in these documents.
Whom does it apply to?
Persons engaged in virtual currency business activity, licensees operating in the virtual currency industry, licensees involved in virtual currencies in New York or serving New York residents
What does it govern?
Consumer protection in the context of virtual currencies, establishment and maintenance of business continuity and disaster recovery plan, establishment and maintenance of cyber security program, establishment and maintenance of anti-money laundering program, financial reporting and compliance requirements, examinations conducted by the superintendent of financial services, maintenance and preservation of books and records, change of control and mergers and acquisitions, introduction or material change of products or services, custody and protection of customer assets, compliance with applicable laws, rules, and regulations, application process for obtaining a license, licensing requirements for virtual currency business activity
What are exemptions?
Persons chartered under the New York Banking Law and approved by the superintendent to engage in virtual currency business activity, merchants and consumers utilizing virtual currency solely for the purchase or sale of goods or services or for investment purposes
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
New York