Cryptocurrency

News & Analysis as of

Copyright’s “Double Spend” Problem: Digital First Sales

For those interested in the evolution of digital currencies, I highly recommend Steven Levy’s “E-Money (It’s What I Want)” article from Wired way back in December 1994. It’s a great read, and presages many current...more

The Blockchain Revolution, Smart Contracts and Financial Transactions

Originally developed as the technology underpinning bitcoin, blockchain has been heralded as an innovative technology with wide-ranging application beyond digital currency (or cryptocurrency), including as a platform for...more

Cryptocurrency: A Primer

What is cryptocurrency? There is no one standard definition of cryptocurrency. At the most basic level cryptocurrency—or digital currency or virtual currency—is a medium of exchange that functions like money (in that it...more

Financial Services Industry Tests the Waters of Blockchain Technology

Many of the world’s leading financial services providers have started developing their own blockchains, either to facilitate the potential for creating their own cryptocurrency, to add an additional layer of security to...more

Blog: International Regulators Take An Interest In Crypto-Currencies & The Blockchain: Regulation Is On Its Way

In the space of less than 24 hours, the UK’s Financial Conduct Authority (FCA), the European Parliament and the Financial Stability Board (FSB), published three documents which demonstrate a keen interest in (a) using; and...more

Blog: European Bitcoin Regulation, And The Gathering And Storage Of Information On Bank And Payment Accounts

As anticipated, the European Council has decided to use the fight against money laundering and terrorist financing as its starting point for the possible regulation of virtual, digital and crypto-currencies; and the gathering...more

Bitcoin and the Changing Legal Landscape

If your business is contemplating doing something with digital currencies (meaning virtual currencies, like Bitcoin, Ripple, Ethereum, etc.), you need a plan. First, consider how and where your business will use digital...more

Bitcoin: Currency, Property, and Now, Commodity

In September 2015, the Commodity Futures Trading Commission (CFTC) issued an order filing and settling charges against a cryptocurrency company for conducting commodity options-related activity without complying with...more

Setting Up Shop in the UK? Don’t Overlook Your Card Payment Services

What are the specific card payment regulations that a merchant operating in the UK must follow? RC: The PCI DSS Compliance Standards are the key ones in respect of card payments and are enforced by the card brands...more

Enforcement Trends in Cryptocurrency

Cryptocurrency is on the rise...and so are enforcement actions. In less than a decade, cyptocurrencies have grown from a novelty reserved for those dealing in the illicit into a robust platform embraced by financial...more

ECJ rules bitcoin exchange is VAT exempt

In the case of Skatteverket v. Hedqvist, the ECJ ruled that the exchange of traditional currency for bitcoin virtual currency and vice versa constitutes a VAT exempt supply of services under the VAT Directive. The ECJ ruled...more

What We Know About BitCoin, and What Is Still Unknown

In Part I, we gave an overview of Bitcoin and how it’s different from the digital “real currency” that is in widespread use today. In Part II, we’ll ask and answer the question – Is Bitcoin just a fad? Is it novel in...more

Re-thinking What We Think We Know About Bitcoin (Part I)

It’s no surprise that, as the way we exchange information continues to evolve at an ever-increasing pace, the way we exchange value is rapidly evolving too. This two-part series explores the Bitcoin evolution occurring in...more

Australian Government Response to the Financial System Inquiry: Summary of the Government Response in Relation to Innovation

The Government has released its response to the Financial System Inquiry (better known as the "Murray Inquiry"). Further to our earlier report on the innovation and technology aspects of the Murray Inquiry (which can be found...more

Virtual Currencies: International Actions and Regulations

This chart is provided by Perkins Coie LLP’s Decentralized Virtual Currency industry practice group for informational purposes only and is not legal advice. This information is not intended to create, and receipt of it does...more

Virtual Currencies - Mining the Possibilities

There are two distinct narratives surrounding virtual currencies. One picks up on countercultural elements – an extreme free market environment beloved by anarchists and criminals. The other describes a technology as...more

Cryptocurrencies Are Commodities: CFTC’s First Bitcoin Enforcement Action

In the absence of specific CFTC regulations regarding Bitcoin, the order helps clarify the CFTC’s positions on cryptocurrency derivatives. On September 17, 2015, the US Commodity Futures Trading Commission (CFTC) issued...more

Bitcoin Week in Review: 09.04.15 – 09.11.15

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

Bitcoin Week in Review: 8.22.15 – 8.28.2015

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

Merchants and Processors Beware: FTC Consumer Warning About Use of Bitcoin and Other Cryptocurrencies Is a Warning to You Too

The June 22 FTC blog posting warning consumers about the use of bitcoins and other virtual currencies should be a call to action for those accepting or facilitating the acceptance of bitcoin and other virtual currencies in...more

Risk of ”Standard-Essential” Patent Litigation to Bitcoin

It’s tempting to think that Bitcoin services would be immune to patent litigation. After all, Bitcoin protocol is open source and seems to be in the public domain. Satoshi Nakamoto, the pseudonymous designer of...more

Overstock Issues First Cryptosecurity

In January 2014, Overstock.com became the first major online retailer to accept payment in bitcoin. Less than eighteen months later, Overstock is now the first company to offer qualified buyers the option of purchasing...more

Regulatory Notes on Bitcoin and Other Cryptocurrency Derivatives

Six things every investor, start-up, financial institution and payment processor should know about the future regulation of Bitcoin and other cryptocurrency derivatives. With the quickly developing market for...more

FinCEN and Department of Justice Settle Anti-Money Laundering Charges Against Crypto-Currency Company Ripple Labs

On May 5, Ripple Labs (Ripple) entered into a consent decree with the Financial Crimes Enforcement Network (FinCEN), under which Ripple admitted to conduct that violated U.S. anti-money laundering (AML) laws and agreed to...more

FinCEN Announces First Civil Enforcement Action Against Virtual Currency Exchanger

Continuing its aggressive anti-money laundering enforcement agenda, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) announced yesterday that it had commenced the first-ever civil enforcement action...more

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