Very misleading title.

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.

EDIT: Also its not a law but a regulation created by the NYS financial regulatory agency under existing state statutes.