Virtual Currency

Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender... more +
Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency.    less -
News & Analysis as of

Twitter Sued For Right of Publicity Violations Over Profile-Trading Game

A class action lawsuit was filed in California yesterday against Hey, Inc. and Twitter regarding Hey’s online trading game in which players collect profiles of (and use virtual currency to invest in) real-life people as if...more

European Banking Authority Opines on Virtual Currencies and the Fourth Anti-Money Laundering Directive

The European Banking Authority published an Opinion on the Commission’s proposed amendments to the Fourth Anti-Money Laundering Directive and its application to virtual currencies. The Commission is proposing to bring...more

Blog: Virtual currencies & the 4th Anti-money Laundering Directive: EBA criticizes Commission’s proposals

The European Banking Authority has published an Opinion, which criticizes the Commission’s approach to virtual currencies (VCs) and its proposed amendments to the 4th Anti-money Laundering Directive (4AMLD). In its 2014...more

Blog: California Senate converts proposed BitLicence into digital currency enrollment program

A Virtual Currency (BitLicence) Bill (AB 1326) was introduced into the California Assembly on 27 February 2015. A few days ago, the Senate amended that Bill to create a Digital Currency Business Enrollment Program instead;...more

Bitcoin Exchange Bitfinex Hacked

Bitcoin Exchange Bitfinex, based in Hong Kong, was hacked last week, incurring a whopping loss of $65 million. It was shut down last week after 119,756 bitcoins were stolen from users’ accounts....more

CFTC Considers Blockchain Technology

The disruptive effects of blockchain technology on the financial system may take several years to materialize. Nevertheless, in preparation, regulators are increasingly focused on understanding potential uses of blockchain...more

Can blockchain live up to the hype?

Is blockchain the revolutionary technology that will rewrite the rules for the finance industry, identifying authenticity and verifying payment flows that arise at a business-to-business level or between business and...more

Financial Services Weekly News - July 2016 #4

Editor's Note - What Exactly Is Bitcoin? In a case featuring a sting operation beginning with meetings in a coffee shop, ice cream store and hotel lobby and ending with the sale of bitcoins to an undercover Miami Beach...more

Florida Judge Rules Bitcoin is not Money

On July 25, a Florida Circuit Court judge dismissed state criminal charges against a defendant who attempted to sell bitcoins for $30,000 in cash on the ground that bitcoins are not money. Defendant Michell Abner Espinoza...more

Blog: European Commission considers database to end crypto-currency anonymity

The European Commission has published a proposal that, if made and brought into force, will amend the 4th Anti-money Laundering Directive (4AMLD) before the Member States are required to transpose it into their national...more

North Carolina Clarifies Digital Currency Amidst Growing Interest in Blockchain Technology

Earlier this month, North Carolina’s governor signed into law an updated Money Transmitters Act (MTA), which seeks to clarify the rules for digital currency. The updated MTA defines what North Carolina considers “monetary...more

State Money Transmitter Laws Update: Then There Was One

South Carolina became the 49th state to enact a money transmitter licensing statute, leaving Montana as the lone jurisdiction in the United States not to require money transmitters to be licensed to offer services to...more

Your daily dose of financial news - The Brief – 7.26.16

Private equity bigwig Lynn Tilton has reportedly hired appellate superstar Paul Clement (after Gibson Dunn got the boot) to represent her in her “bid to revive her challenge to the [SEC’s] in-house court at the Second...more

Global Government Solutions® 2016 Mid-Year Outlook

This newest edition of the Global Government Solutions® series highlights increased government involvement in global commerce and provides the latest regulatory information corporate leaders need to navigate the intersection...more

Your daily dose of financial news - The Brief – 7.22.16

EU financial watchdog ESMA has fined rating agency Fitch Ratings Ltd. $1.5 million for reportedly violating the EU’s rules for rating agencies relating to the 12-hour requirement, internal controls, and unauthorized...more

Your daily dose of financial news - The Brief – 7.21.16

The Treasury Dept’s Office of Financial Research has found that money-market funds are increasingly entering into direct repurchase loans with large investors and insurers—another sign that “participants in short-term lending...more

Your daily dose of financial news - The Brief – 7.20.16

We’ve heard about VW’s $15 billion settlement to resolve US claims by owners and regulators, but a spate of recent state AG-led actions shows that the fallout from the emissions cheating scandal is far from over. NY, MA, and...more

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

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

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

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

Your daily dose of financial news - The Brief – 7.11.16

A putative class action filed last week is accusing 25 prominent banks—including Deutsche Bank, Goldman Sachs, and Barclays—of “conspiring to rig the market for securities” sold by the US Treasury in their roles as primary...more

Blog: North Carolina Introduces #Bitlicence For Virtual Currency Exchanges & Wallet Providers

North Carolina has amended its Money Transmitters Act, to introduce a new #Bitlicence. The new legislation was introduced into the North Carolina General Assembly on 18 March 2015, at the request of the Office of the...more

Blog: European Commission brings virtual currency exchanges & wallet providers within the scope of the 4th Anti-money Laundering...

The European Commission has published a proposal for a directive that will amend the 4th Anti-money Laundering Directive (4AMLD). If the directive is made and brought into force, the EU Member States will be obliged to...more

Government Investigations: Use of the Financial Crimes Enforcement Network and Virtual Currency

Since 2009, the US Department of Justice has implemented an aggressive anti-tax evasion strategy that has changed by targeting tax havens that host financial intermediaries (i.e., banks) to the financial intermediaries...more

State Banking Regulators Issue Annual Report

What were state banking regulators focused on last year? A new report from the Conference of State Bank Supervisors (CSBS) reveals that state regulators "increased coordination and collaboration between state regulators and...more

UK Financial Regulatory Developments - June 2016 #4

ESMA publishes EU MAR Q&A - ESMA has published a Q&A document relating to practical issues surrounding the implementation of the Market Abuse Regulation (EU MAR). It clarifies the scope of firms subject to the EU MAR...more

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