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REGULATIONS OF THE SUPERINTENDENT OF FINANCIAL SERVICES (Bitcoin)

Written by Subject: Bitcoin
(a)
License required. No Person shall, without a license obtained from the superintendent as provided in this Part, engage in any Virtual Currency Business Activity.

(b)
Unlicensed agents prohibited. Each Licensee is prohibited from conducting any Virtual Currency
Business Activity through an agent or agency arrangement when the agent is nota Licensee.

(c)
Exemption from licensing requirements. The following Persons are exempt from the licensing requirements otherwise applicable under this Part:(1)
Persons that are chartered under the New York Banking Law to conduct exchange services and are approved by the superintendent to engage in Virtual Currency Business Activity
;
and

(2) merchants and consumers that utilize Virtual Currency solely for the purchase or sale of goods or
services.

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