(a) Each licensee shall maintain at all times such capital in an amount and form as the superintendent determines is sufficient to ensure the financial integrity of the licensee and its ongoing operations based on an assessment of the specific risks applicable to each licensee. In determining the minimum amount of capital that must be maintained by a licensee, the superintendent may consider a variety of factors, including but not limited to:

1. (1) the composition of the licensee’s total assets, including the position, size, liquidity, risk exposure, and price volatility of each type of asset;
2. (2) the composition of the licensee’s total liabilities, including the size and repayment timing of each type of liability;
3. (3) the actual and expected volume of the licensee’s virtual currency business activity;
4. (4) whether the licensee is already licensed or regulated by the superintendent under the Financial Services Law, Banking Law, or Insurance Law, or otherwise subject to such laws as a provider of a financial product or service, and whether the licensee is in good standing in such capacity;
5. (5) the amount of leverage employed by the licensee;
6. (6) the liquidity position of the licensee;
7. (7) the financial protection that the licensee provides for its customers through its trust account or bond;
8. (8) the types of entities to be serviced by the licensee; and
9. (9) the types of products or services to be offered by the licensee.