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Currency Exchange

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Uber made it official today, announcing that controversial CEO Travis Kalanick will be taking an indefinite leave of absence, though even the announcement and board commentary that followed seemed to highlight the “bad-boy...more

Failure to Register with FINCEN Sustains Guilty Pleas by Virtual Currency Exchangers

by Ballard Spahr LLP on

It is a potential crime to conduct a business that exchanges virtual currency and fail to register with the Financial Crimes Enforcement Network (“FinCEN“), even if the State in which one operates does not impose a similar...more

Future Uncertain After SEC Rejects Bitcoin ETFs

by Goodwin on

On March 10, 2017, the Securities and Exchange Commission (“SEC”) rejected the highly anticipated Winklevoss twins’ COIN bitcoin exchange traded fund (“ETF”), causing the digital currency to plummet 18% in value, to $978.76,...more

Grappling with severe exchange rate fluctuations in assessing the costs of litigation

by Allen & Overy LLP on

The English High Court has recently provided guidance on a novel but practical point, allowing a party benefiting from a costs order to recover additional sums to account for expenditure incurred as a result of exchange rate...more

Coinbase the Latest to Obtain New York BitLicense

by Ballard Spahr LLP on

The New York State Department of Financial Services (“DFS”) has issued its fifth BitLicense to date, continuing a marked effort to bring legitimacy and controls to the virtual currency (“VC”) industry, whose advantages in...more

Update on amendments to FX transactions and market

by DLA Piper on

The National Bank of Ukraine (NBU) has made a further step towards liberalising the currency regime for ECA supported lending. These amendments became effective on 30 November 2016. Pursuant to them Ukrainian borrowers and...more

Currency fluctuations and Part 36 offers to settle

by Allen & Overy LLP on

Novus Aviation Ltd v Alubaf Arab International Bank BSC(c) [2016] EWHC 1937 (Comm) is relevant when unforeseen fluctuations in the currency exchange rate between the time of a Part 36 offer and the time of judgment affect...more

Recalling Mt. Gox, Bitfinex Exchange is Latest Target of Bitcoin Hackers

by Goodwin on

On August 2, 2016, Hong Kong-based bitcoin exchange Bitfinex was the latest target of hackers who stole 119,756 bitcoins, for a total loss of approximately $72 million at that time. Some are estimating it to be as high as...more

NBU continues liberalization of foreign currency exchange market

by DLA Piper on

Starting from 29 July 2016, the National Bank of Ukraine (the NBU) has extended the settlement deadlines for export and import transactions to 120 days, as well as changed the rules governing the execution of payments by...more

The Often Ignored Importance of Antitrust Compliance (Part I of II)

by Michael Volkov on

If you ask any Chief Compliance Officer whether their compliance program includes antitrust laws, they will respond quickly and tell you – “Of course we do.” If you follow up you initial question and ask how do you ensure...more

EU Proposal to Address Virtual Currency Exchanges & Wallet Providers in Anti-Money Laundering Laws

by Goodwin on

The European Commission recently published a proposal to amend the Fourth Anti-Money Laundering Directive, the legislation that specifies the anti-money laundering, or AML, and counter terrorist financing rules for EU Member...more

Brexit and Other Key Issues for CFOs and Corporate Treasurers

by Shearman & Sterling LLP on

On June 23, 2016, the UK electorate voted to leave the European Union in an advisory Referendum. We expect the UK Government to commence negotiations to withdraw and to establish a framework for the UK’s new relationship with...more

South Carolina Enacts its First Law Regulating Money Transmission

by Bryan Cave on

Last month South Carolina joined 48 other states in regulating money transmission with unanimous passage of House Bill 4554. The bill, enacting the South Carolina Anti-Money Laundering Act, provides the framework for...more

EU brings virtual currency exchanges and wallet providers under the EU Anti-Money Laundering Directive

by Reed Smith on

On 5 July 2016, the European Commission (the Commission) adopted a proposal for a directive that, when passed, will begin to narrow the regulatory gap between the U.S. and the EU for virtual currency exchange platforms and...more

Recent China Development – Outbound Investment in Renminbi

by Morrison & Foerster LLP on

BACKGROUND - Due to the recent strong desire to convert Renminbi (“RMB”) funds into foreign currency and remit foreign currency amounts outside of China (“China” or the “PRC”, which excludes Hong Kong, Macau and Taiwan...more

Russian Legislation Update: May 2016

by White & Case LLP on

Currency Control - On 13 April the Government adopted Resolution No. 300 regarding, among other things, currency control bodies. Due to the abolishment of the Federal Service for Fiscal and Budgetary Supervision,...more

China’s Central Bank Issues Further Guidance on Inbound Foreign Debt

by White & Case LLP on

On 29 April 2016, the People’s Bank of China (“PBOC”) promulgated the Circular on the Nationwide Implementation of Prudent Administration of Cross-Border Financings (the “PBOC Circular”). The PBOC Circular came into effect on...more

New Mexico Passes Money Transmitter Licensing Law; Effective Jan. 1, 2017 (Part 1)

by Bryan Cave on

Last month New Mexico passed its first money transmitter licensing law. The State previously only required licensing for the sale of checks and money orders. The new law now covers money transmitters, check cashers and...more

Virtual Currency Guidelines

by BakerHostetler on

Despite growing pains, digital currencies and blockchain may be the future of payments and global finance. As with any disruptive technology that gains popularity quickly, building the legal framework to support it is...more

Brazil: newly issued regulations from tax authorities on the tax and currency exchange voluntary disclosure and amnesty program

by DLA Piper on

This article is aimed at assisting Brazilian tax residents, mainly individuals, interested in learning more about the current tax and currency exchange voluntary disclosure and amnesty program (RERCT) established in Law No....more

Global Tax News - February 2016

by DLA Piper on

The European Commission has released its highly anticipated anti-tax-avoidance package. The package, released January 28, 2016, contains proposed rules and recommendations to avoid aggressive tax planning within the...more

Latin America Alert: Brazil's Repatriation Law Introduces Tax and Currency Exchange Voluntary Disclosure and Amnesty Program – Top...

by DLA Piper on

Brazil has passed Law No. 13,254, the Repatriation Law, introducing a tax and currency exchange voluntary disclosure and amnesty program (locally known by the acronym RERCT) to stimulate the voluntary disclosure of assets,...more

Guide To Doing Business in Australia and New Zealand (Mandarin version)

This publication has been prepared to provide an overview to foreign investors and business people who have an interest in doing business in Australia and New Zealand. The material in this publication is intended to provide...more

US CHINA TRADE WAR–DEVELOPMENTS IN TRADE POLICY, TRADE, PRODUCTS LIABILITY, 337/IP ANTITRUST AND SECURITIES

by Dorsey & Whitney LLP on

TRADE POLICY - TPP RUNS INTO HEADWINDS - As predicted in past blog posts, on December 28, 2015, the Wall Street Journal reported that the US Election Debate was complicating the passage of the Trans Pacific...more

Argentina Lifts its Currency Exchange, Exports, and Imports Restrictions

Mr. Mauricio Macri was sworn-in as President of Argentina on December 10, 2015. Four business days after taking office, Mr. Alfonso Prat-Gay, the new Minister of Finance, announced the fulfilment of the campaign promise to...more

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Cybersecurity

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