New York Government has proposed a law in New York on July 02, 2021, which would, if approved, require public officials in the state to disclose cryptocurrency holdings above a $1,000 threshold on an annual basis.
The bill aims to close the loophole on cryptocurrency assets, like bitcoin, on the state’s financial disclosure statement and add transparency regarding individuals’ interest in this type of digital financial property. For purposes of the bill, “cryptocurrency” is defined as a digital currency in which encryption techniques are used to regulate the generation of units and currency and verify the transfer of funds, operating independently of a central bank.”
If approved, the proposed law would officially go into effect the following January 1.
Read the full text HERE.
*Tanvi Singh, Editorial Assistant has put this story together.
