The State of Texas is the most recent state to announce a formal policy with regard to virtual currencies. The Texas Department of Banking (DOB) issued a supervisory memorandum on April 3, 2014, interpreting how virtual...more
On Jan. 26, 2014, the Chinese State Administration for Industry and Commerce (“SAIC”) promulgated the Regulatory Measures for Internet Transactions (the “New Measures”). The New Measures, which took effect on March 15, 2014,...more
Bitcoin and other decentralized, math-based virtual currencies emerged in 2013 as nascent challenges to traditional payment systems, drawing widespread public attention, venture capital investment, and regulatory scrutiny....more
Recently, DWT payments team members Vincent Wang and Norm Page sat down in our Shanghai office to discuss recent developments involving China Union Pay (CUP). Vincent Wang has extensive experience helping U.S. companies and...more
Following the announcement in July of an ambitious plan to develop mainland China’s first free trade zone in Shanghai, there have been several recent developments relating to the forming and unveiling of the zone.
At ACI’s 2nd Advanced Forum on International & Cross-Border Payments in San Francisco, DWT partner Vincent Wang gave a presentation entitled “Legal Overview of China’s Regulation on Payment Service by Non-Financial...more
The year end is seeing many potentially significant developments in mobile and electronic payments in China. Several of these developments are noted below....more
The ten year-old regime governing merchant fees in China is about to change – and the fees are, in general, about to be reduced by one-fourth or more....more