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New York Enacts 2022 UCC Amendments Creating New Regime for Digital Assets Under State Law - Morgan Lewis

Detected July 28, 2026 · in Money Services & Money Transmitters

New York has enacted the 2022 amendments to the Uniform Commercial Code (UCC), creating a new legal framework for digital assets, including virtual currency and stablecoins. This affects money transmitters and MSBs operating in New York by redefining how digital assets are classified, controlled, and transferred under state law.

Aforeworn detected this change in the Money Services & Money Transmitters space on July 28, 2026 and published this briefing so affected operators are forewarned rather than caught off guard. It is rated High urgency. Money transmitters, MSBs, crypto/virtual-currency firms, fintech wallets, and payment processors operating in New York or with New York customers. should confirm how it applies to their specific situation before acting. There is a time constraint attached: The amendments take effect on April 22, 2024. Businesses should begin compliance efforts immediately to avoid legal risks.. Acting after that point can mean penalties, a lapsed licence, or lost eligibility — exactly the kind of surprise Aforeworn exists to prevent. Aforeworn monitors Money Services & Money Transmitters continuously and turns every detected change into a plain-English briefing like this one, so you always know first. Forewarned is forearmed.

What changed

The 2022 UCC amendments establish new rules for the perfection, priority, and enforcement of security interests in digital assets, including virtual currency and stablecoins. They also clarify the legal status of 'control' over digital assets, which may affect custody, transfer, and lending arrangements.

Who it affects

Money transmitters, MSBs, crypto/virtual-currency firms, fintech wallets, and payment processors operating in New York or with New York customers.

What you must do

Review and update your legal agreements, custody procedures, and security interest filings to comply with the new UCC Article 12 and amendments to Articles 8 and 9. Ensure your systems can identify and track digital assets as defined under the new law.

Deadline

The amendments take effect on April 22, 2024. Businesses should begin compliance efforts immediately to avoid legal risks.

Source: https://news.google.com/rss/articles/CBMiywFBVV95cUxQbVVKYmpvbkhDTy1XNXMzU2ZFUDVmQVpNZ25DZEVmTFdLdmhvQ0xvbWtSWnBEb3dMelVEYWlhVFlsMzlhelJzRHRPUlJLYVp3Z0d1ekp2eXg2eDZyWGxVaU5ZRktUeVoxT1Z1aWg4SnFIRDdqUjZHV0VlQ2xiNXVta1NDMTRSS0Z2a2x4TXRHYUcxN0doQ0VET2JPSDI2N0hMcnBBWVI3SmZjcWJvbHRzenctY0lRSDRKN3ZIbEJGZ25PNVpkMFBuYU1JNA?oc=5

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