{ "jurisdiction_id": "US-NY", "jurisdiction": "United States – New York", "url": "https://payments.gi/jurisdictions/united-states-new-york/", "generator": "render_jid v13.3.0", "date_modified": "2026-08-11", "schema_version": "world-payments-v1", "counts": { "modules": 14, "sourced_findings": 55, "source_register": 97 }, "modules": [ { "code": "W1a", "name": "Licensing, Authorisation & Market Access", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-new-york/#w1a-licensing-authorisation-market-access", "standing_position": "New York regulates virtual-currency and stablecoin activity via DFS's BitLicense (23 NYCRR Part 200) and the Banking Law §102-a limited-purpose trust charter; DFS has proposed a new regulation to align its stablecoin guidance with the federal GENIUS Act's state-certification framework.", "findings": [ { "finding": null, "instrument_type": "Banking Law Article 13-B (§§640-652-b); SR Parts 406,416,417,300", "source": "https://www.dfs.ny.gov/apps_and_licensing/money_transmitters", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "23 NYCRR Part 200 (BitLicense) / limited purpose trust charter", "source": "https://www.dfs.ny.gov/virtual_currency_businesses", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "MTL vs BitLicense distinction", "source": "https://www.brico.ai/post/new-york-money-transmitter-license", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Banking Law §641 exemptions", "source": "https://moneytransmitterlaw.com/cryptocurrency-state-laws/new-york/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W1b", "name": "Conduct, Safeguarding & Financial Promotions", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-new-york/#w1b-conduct-safeguarding-financial-promotions", "standing_position": "New York's AG/Gaming Commission enforcement architecture now explicitly reaches crypto-adjacent platforms and prediction-market derivatives platforms (Kalshi, now escalated to a $36B civil suit) on an unlicensed-gambling theory.", "findings": [ { "finding": null, "instrument_type": "Banking Law §651 (Investments / permissible investments)", "source": "https://codes.findlaw.com/ny/banking-law/bnk-sect-651/", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "surety bond + BSA/AML independent review", "source": "https://www.jwsuretybonds.com/blog/new-york-money-transmitter-license", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "VC custody guidance (Sept 30 2025)", "source": "https://www.dfs.ny.gov/industry-guidance/industry-letters/il20250930-updated-guidance-custodial-structures", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "§651 ongoing 100% liability cover", "source": "https://www.brico.ai/post/new-york-money-transmitter-license", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W2", "name": "Stablecoins & Digital Money", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-new-york/#w2-stablecoins-digital-money", "standing_position": "NY was the first US state to issue stablecoin guidance. USD-backed stablecoins issued by NYDFS-regulated VC entities (BitLicensees / limited purpose trust companies) must be fully backed by reserves, redeemable 1:1 at par under DFS-approved policies, and subject to monthly CPA attestation under AICPA standards. Stablecoins are generally treated as virtual currencies under 23 NYCRR Part 200, requiring Greenlisting, self-certification under an approved listing policy, or specific DFS approval. The federal GENIUS Act (signed July 2025) now overlays the state regime.", "findings": [ { "finding": null, "instrument_type": "NYDFS USD-backed stablecoin guidance (June 2022)", "source": "https://www.cravath.com/a/web/fhpEUar56vCDAmtGzveUMe/46HNsv/summary-of-new-york-department-of-financial-services-stablecoin-guidance.pdf", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "23 NYCRR Part 200; Greenlist framework", "source": "https://www.dfs.ny.gov/virtual_currency_businesses", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Listing/Greenlist guidance (Nov 15 2023)", "source": "https://www.dfs.ny.gov/industry_guidance/industry_letters/il20231115_listing_virtual_currencies", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Scope of stablecoin guidance", "source": "https://www.davispolk.com/insights/client-update/new-york-dfs-issues-guidance-issuers-u-s-dollar-backed-stablecoins", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "GENIUS Act federal overlay", "source": "https://www.coindesk.com/policy/2025/08/11/paxos-applies-for-national-bank-trust-charter-joining-stablecoin-issuers-circle-ripple", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W3", "name": "Operational Resilience & Critical Infrastructure", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-new-york/#w3-operational-resilience-critical-infrastructure", "standing_position": "NY's resilience regime is anchored by the NYDFS Cybersecurity Regulation, 23 NYCRR Part 500, effective since March 2017 and substantially amended by the November 2023 Second Amendment. It mandates a documented cybersecurity program, a CISO, MFA, asset inventories, incident-response/business-continuity planning, dual-signature annual certification, and tight incident-reporting clocks (including 24-hour ransom-payment notice). Covered entities include money transmitters and virtual currency businesses. Final phased requirements (universal MFA, asset management) took effect November 1, 2025.", "findings": [ { "finding": null, "instrument_type": "23 NYCRR Part 500 (Cybersecurity Regulation)", "source": "https://www.dfs.ny.gov/system/files/documents/2023/03/23NYCRR500_0.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Second Amendment (effective Nov 1 2023)", "source": "https://www.troutman.com/insights/new-amendments-to-ny-dfs-cybersecurity-regulation-big-changes-for-big-companies-and-other-implications/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Final phase-in (Nov 1 2025)", "source": "https://www.hoganlovells.com/en/publications/nydfs-final-set-of-cybersecurity-requirements-under-amended-part-500-take-effect-november-1-2025", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "scope of covered entities", "source": "https://securecontrolsframework.com/grc-fundamentals/common-cybersecurity-regulations/us-ny-ny-dfs-23-nycrr-part-500", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W4", "name": "Scheme & Network Compliance", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-new-york/#w4-scheme-network-compliance", "standing_position": "Card-scheme and interchange compliance in NY combines federal and state layers. Federally, Durbin Amendment debit interchange caps and Regulation II apply, and PCI DSS governs cardholder-data security. At state level, NY General Business Law §518 (amended effective February 11, 2024) regulates credit-card surcharging: merchants must post the highest credit-card-inclusive price (or dual cash/credit pricing) and may not surcharge above the processor's actual cost, enforced by the AG/local governments and DCP with penalties up to $500 per violation.", "findings": [ { "finding": null, "instrument_type": "NY General Business Law §518", "source": "https://www.governor.ny.gov/news/governor-hochul-announces-new-law-clarify-disclosure-credit-card-surcharges-goes-effect-sunday", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "GBL §518 surcharge cap", "source": "https://www3.erie.gov/consumerprotection/nys-general-business-law-ss518-changes-february-11-2024", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "§518 pass-through requirement / penalty", "source": "https://katten.com/new-york-will-soon-require-merchants-to-provide-additional-credit-card-surcharge-disclosures", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W5", "name": "Payment Corridor Dynamics", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-new-york/#w5-payment-corridor-dynamics", "standing_position": "Cross-border consumer remittances from NY are governed federally by the CFPB Remittance Transfer Rule (Regulation E Subpart B, implementing Dodd-Frank §1073/EFTA §919) requiring pre-payment disclosure and receipts of FX rate, fees and amount received, overriding UCC 4A where inconsistent. NY money transmitters (MoneyGram, Western Union, PayPal-type providers) operate much of the corridor market and remain state-licensed under Article 13-B with §651-a remittance agent obligations, while stablecoin rails are emerging as a cross-border settlement channel.", "findings": [ { "finding": null, "instrument_type": "Regulation E Subpart B / EFTA §919", "source": "https://www.federalregister.gov/documents/2019/12/06/2019-25944/remittance-transfers-under-the-electronic-fund-transfer-act-regulation-e", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "federal/state money-transmitter split", "source": "https://www.congress.gov/crs-product/R46486", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Dodd-Frank §1073 / UCC 4A interaction", "source": "https://www.swift.com/sites/default/files/files/pmpg-dodd-frank-section-1073-cross-border-remittance-transfers.pdf", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "stablecoin cross-border settlement rail", "source": "https://www.theblock.co/post/403474/mastercard-expands-stablecoin-settlement-options-with-usdc-pyusd-and-rlusd", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W6", "name": "Industry Structure & Commercial Dynamics", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-new-york/#w6-industry-structure-commercial-dynamics", "standing_position": "NY is a top-tier US payments and digital-asset hub. NYDFS supervises over 3,200 financial institutions with nearly $10 trillion in assets, including roughly 22-32 virtual currency licensees (BitLicensees + limited purpose trust companies) holding over $400 billion in assets. The NY MTL is one of the 'Big 3' (with CA and TX). The VC entity field is small and high-profile (Coinbase, Circle, Gemini, Paxos, Robinhood, Fidelity, Anchorage, Galaxy, Mastercard), with consolidation accelerating in 2025-2026.", "findings": [ { "finding": null, "instrument_type": "NYDFS supervised population", "source": "https://www.osc.ny.gov/state-agencies/audits/2025/12/04/virtual-currency-licensing-follow", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "VCE market count", "source": "https://cointelegraph.com/news/new-york-customer-service-standards-virtual-currency-entities", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Big-3 MTL positioning", "source": "https://faisalkhan.com/solutions/licensing/money-transmitter-license-mtl/money-transmitter-license-new-york/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "BitLicensee roster", "source": "https://genfinity.io/2026/05/27/mastercard-new-york-bitlicense-stablecoin-infrastructure/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W7", "name": "Legal & Litigation", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-new-york/#w7-legal-litigation", "standing_position": "NYDFS is an aggressive payments/crypto enforcer. Under Superintendent Harris the Department levied over $177 million in penalties against virtual currency companies (as of May 2024) and has issued at least 11 cybersecurity consent orders since 2022. Landmark actions include Coinbase ($100M total, $50M penalty), Gemini ($37M penalty plus $40M consumer recovery), Genesis Global Trading ($8M), Robinhood Crypto ($30M) and Paxos ($26.5M re BUSD). Federal Reserve master-account litigation (Custodia, Banco San Juan) shapes settlement access.", "findings": [ { "finding": null, "instrument_type": "NYDFS enforcement penalties", "source": "https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202405301", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Genesis Global Trading consent order", "source": "https://www.dfs.ny.gov/reports_and_publications/press_releases/pr2024011224", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Gemini settlement", "source": "https://www.dfs.ny.gov/system/files/documents/2025/06/NYSDFS_Annual-Report-2024.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Coinbase settlement", "source": "https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202301041", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "master-account litigation", "source": "https://www.freshfields.com/en/our-thinking/blogs/a-fresh-take/knocking-at-the-feds-door-recent-executive-order-and-regulatory-proposals-signa-102n0qo", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W8", "name": "Merchant Acquiring & Risk", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-new-york/#w8-merchant-acquiring-risk", "standing_position": "NY merchant acquiring operates under federal card-scheme/PCI rules plus NY state conduct overlays. The key state-level merchant operations constraint is GBL §518 surcharge disclosure (effective Feb 11, 2024), requiring posted credit-inclusive pricing or dual pricing and pass-through-only surcharges, enforced by the AG/local government. Surcharge/dual-pricing programs require POS and point-of-entry disclosures with no add-on convenience fees, materially shaping acquirer/merchant onboarding and pricing configuration in NY.", "findings": [ { "finding": null, "instrument_type": "GBL §518 merchant POS disclosure", "source": "https://globallegallawfirm.com/new-yorks-new-surcharge-law-what-you-need-to-know/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "surcharge pass-through rule", "source": "https://www.jglaw.law/new-york-enacts-law-prohibiting-credit-card-surcharges-without-proper-disclosure/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "dual-pricing / processor system changes", "source": "https://nysfda.org/storage/app/media/uploaded-files/2024%20credit%20card%20surcharge%20law.pdf", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W9", "name": "Product Innovation & Market Development", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-new-york/#w9-product-innovation-market-development", "standing_position": "NY's product-innovation surface is digital-asset-led and supervised rather than sandbox-led. NYDFS's VOLT initiative added 60+ experts and new policies, and the Department has issued eight pieces of VC regulatory guidance covering coin-listing/Greenlist, custody, customer service, and banking-organization VC approvals. Innovation channels include the BitLicense, limited purpose trust charters, and emerging stablecoin/tokenized-deposit settlement products (e.g. Mastercard MTS US BitLicense). NY favours prior-approval supervision over open regulatory sandboxes.", "findings": [ { "finding": null, "instrument_type": "Greenlist / coin-listing framework", "source": "https://www.gtlaw.com/en/insights/2023/10/nydfs-updates-guidance-on-virtual-coin-listing-delisting-frameworks-and-the-greenlist", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "banking-organization VC approval guidance", "source": "https://www.davispolk.com/insights/client-update/ny-dfs-virtual-currency-guidance-banking-organizations", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "tokenized-deposit / stablecoin settlement product", "source": "https://cryptobriefing.com/mastercard-rolls-out-always-on-settlement-with-circle-paxos-and-ripple-stablecoins/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "VOLT initiative", "source": "https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202405301", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W10", "name": "Consumer Protection & APP Fraud", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-new-york/#w10-consumer-protection-app-fraud", "standing_position": "NY consumer protection for payments blends DFS supervisory guidance and state/federal consumer law. NYDFS's May 2024 customer-service guidance requires VCEs to maintain monitored phone and electronic-text channels, resolve complaints timely and fairly, and provide quarterly complaint tabulations from Q3 2024 (records kept seven years). Insolvency-custody guidance (updated Sept 2025) protects customer assets via segregation and written disclosure. There is no NY-specific APP-fraud mandatory-reimbursement regime equivalent to the UK PSR scheme; consumer redress runs via DCP/AG, the CFPB remittance rule, and DFS complaint channels.", "findings": [ { "finding": null, "instrument_type": "VC customer-service guidance (May 30 2024)", "source": "https://www.dfs.ny.gov/industry-guidance/industry-letters/il20240530-cus-serv-req-and-complains", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "complaint tabulation / recordkeeping", "source": "https://www.mcglinchey.com/insights/new-york-department-of-financial-services-issues-guidance-on-customer-service-requirements-for-virtual-currency/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "insolvency custody guidance (Sept 30 2025)", "source": "https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20250930", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "DCP/AG consumer redress", "source": "https://www.governor.ny.gov/news/governor-hochul-announces-new-law-clarify-disclosure-credit-card-surcharges-goes-effect-sunday", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W11", "name": "AML/CFT & Financial Crime", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-new-york/#w11-aml-cft-financial-crime", "standing_position": "sentinel. W11 carries the Sentinel.gi payments-context position only (no original AML analysis). For US-NY the AML/CFT posture combines federal BSA/FinCEN MSB obligations with NY-specific virtual currency AML rules under 23 NYCRR Part 200 and NYDFS transaction-monitoring/SAR expectations; NYDFS enforcement has repeatedly cited AML and transaction-monitoring failures.", "findings": [ { "finding": null, "instrument_type": "NYDFS VC + cybersecurity AML enforcement", "source": "sentinel://wpm/US-NY/aml-context?ref=dfs.ny.gov/reports_and_publications/press_releases/pr2024011224", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "federal BSA / MSB framework", "source": "sentinel://wpm/US-NY/aml-context?ref=congress.gov/crs-product/R46486", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "transaction-monitoring enforcement", "source": "sentinel://wpm/US-NY/aml-context?ref=bitget.com/academy/nydfs-enforcement", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W12", "name": "Correspondent Banking, Settlement & Access", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-new-york/#w12-correspondent-banking-settlement-access", "standing_position": "NY settlement access runs through the federal Reserve-account system: a Federal Reserve master account is the gateway to Fedwire/ACH settlement, historically reserved for supervised depositories. NY limited purpose trust companies and BitLicensees cannot directly access Fed rails on the state charter alone, driving the 2025 wave of OCC national-trust conversions (Paxos, Circle, Ripple, BitGo, Fidelity) to pursue master accounts. The Fed's 2026 'skinny'/Payment Account proposal and Kraken's March 2026 limited master account mark a shift in nonbank settlement access. NYDFS supervises bank/correspondent de-risking via BSA/AML oversight.", "findings": [ { "finding": null, "instrument_type": "Federal Reserve master account / Account Access Guidelines", "source": "https://www.freshfields.com/en/our-thinking/blogs/a-fresh-take/knocking-at-the-feds-door-recent-executive-order-and-regulatory-proposals-signa-102n0qo", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "state charter settlement limitation", "source": "https://www.bitget.com/news/detail/12560605116145", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "skinny / limited master account (Kraken March 2026)", "source": "https://www.lexology.com/library/detail.aspx?g=e34d74f2-78fd-4044-b6a7-1ff9ec736dc0", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Fed Payment Account proposal (2026)", "source": "https://unchainedcrypto.com/federal-reserve-proposes-limited-payment-accounts-long-pursued-by-crypto-firms/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W13", "name": "Commercial Intelligence & Fintech", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/united-states-new-york/#w13-commercial-intelligence-fintech", "standing_position": "Trailing-12-month NY-relevant commercial activity is dominated by stablecoin/crypto-payments consolidation and federal/state charter migration. Key events: Mastercard's NYDFS BitLicense (MTS US, May 27 2026) and ~$1.8B BVNK acquisition (March 2026) plus reported ~$2B Zero Hash talks; OCC conditional national-trust approvals (Dec 12 2025) for Circle, Ripple, Paxos, BitGo, Fidelity converting/expanding from NY state oversight; Galaxy and Anchorage BitLicenses; and broad stablecoin VC funding exceeding $1.5B in 2025.", "findings": [ { "finding": null, "instrument_type": "licence grant / change-of-control", "source": "https://genfinity.io/2026/05/27/mastercard-new-york-bitlicense-stablecoin-infrastructure/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "M&A (BVNK)", "source": "https://www.theblock.co/post/403474/mastercard-expands-stablecoin-settlement-options-with-usdc-pyusd-and-rlusd", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "charter approval / regulatory migration", "source": "https://www.bankingdive.com/news/occ-national-trust-bank-charter-approve-circle-paxos-ripple-bitgo-gould-crypto/807799/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "VC funding trend", "source": "https://www.svb.com/industry-insights/fintech/2026-crypto-outlook/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] } ] }