Sec. 200.3. License

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(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. Licensees are not authorized to exercise fiduciary powers, as defined under section 100 of the Banking Law.
(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 not a 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 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 or for investment purposes.

                    
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