Vincent Wang

Vincent Wang

Davis Wright Tremaine LLP

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New York Becomes First State to Propose Virtual Currency Regulations

On July 17, 2014, the New York State Department of Financial Services (DFS) became the first state agency to release proposed regulations specifically governing the crypto-currency industry. The proposed regulations were...more

8/14/2014 - Administrative Procedure Act Bitcoins Financial Regulatory Reform Popular Virtual Currency

Online Payments in China: Recent and Regulatory Actions

On March 13, 2014, People’s Bank of China (“PBC”) issued an opinion letter halting immediately the use of QR codes for payments using mobile phones (as distinguished from using QR codes at POS terminals) well as the use of...more

7/30/2014 - China Mobile Payments Online Payments Opinion Letter People's Bank of China Point of Sale Terminals

Nu Skin Fined in China for Improper Direct Sales Activities

The investigation was launched as a direct result of a series of news reports by the People’s Daily, China’s official newspaper released in January 2014, alleging that Nu Skin China had organized “brainwashing” gatherings,...more

4/25/2014 - China Marketing Nu Skin Pyramid Schemes

State of Texas Issues Memorandum on Virtual Currencies

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

4/14/2014 - Bitcoins Virtual Currency

New Regulatory Measures for Internet Transactions in China

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

4/3/2014 - China Internet SAIC

Virtual Currency Year-In-Review: Bitcoin and Beyond

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

1/2/2014 - Bitcoins DHS FinCEN GAO Hedge Funds Money Laundering SEC Silk Road U.S. Treasury Virtual Currency

A Q&A on Recent Developments Involving China Union Pay

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

10/16/2013 - China Employee Rights Unions WTO

The Upcoming Shanghai Free Trade Zone: An Update on the National Pilot Project

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. ...more

9/20/2013 - China Customs Duties Foreign Investment Free Trade Agreement Free Trade Zone Interest Rates Investors Joint Venture State-Run Industry Tariffs Tax Incentives

Legal Overview of China’s Regulation on Payment Service by Non-Financial Institutions

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

6/19/2013 - China Internet Payments Licenses Non-Financial Firms Payment Plans Prepaid Payment Products Regulation

Developments in Chinese Mobile and E-Payments

The year end is seeing many potentially significant developments in mobile and electronic payments in China. Several of these developments are noted below....more

12/20/2012 - China E-Banking Mobile Payments People's Bank of China

Reduced Interchange Fees in China Effective February 25, 2013

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

12/17/2012 - China Merchant Fees

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