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

Bitcoin Again Held to Be “Funds” for Federal Money Transmitting Purposes

Murgio decision reflects a growing judicial consensus around the application of money transmitting laws to Bitcoin exchangers. On September 19, 2016, U.S. District Judge Alison J. Nathan of the Southern District of New...more

Your daily dose of financial news - The Brief – 9.21.16

Testifying before the Senate Banking Committee yesterday, Wells Fargo CEO John Stumpf admitted that the illegal sham-account-creation activity at the heart of its recent SEC fine may have begun earlier than first reported....more

European Commission tackles financing risks linked to virtual currencies

The European Commission has adopted a proposal to strengthen anti-money laundering (AML) and counterterrorism financing (CFT) measures related to virtual currencies. The proposal, adopted in July 2016, seeks to bring...more

Your daily dose of financial news - The Brief – 9.12.16

The past 2 years have been just short of disastrous for most hedge funds. But even without much to show in the form of results, the world’s biggest fund manager—Bridgewater Associates—has attracted $22.5 billion in investor...more

Virtual Currency May Not Be Money but Dismissal Is Real

Is bitcoin money? Not according to a Florida judge who threw out criminal charges against a defendant accused of money laundering and acting as an unlicensed money services business in violation of state law. What...more

It's All About Blockchain - Don't Miss These 7 Reads

Don't miss these seven popular reads on Blockchain....more

Virtual Currencies: Court Rules that Selling Bitcoin Is Not Money Transmitting and Selling Bitcoin to Criminals Is Not a Crime

The ruling is an outlier driven by its unique facts and is unlikely to change the general regulatory landscape for Bitcoin businesses. In State of Florida v. Espinoza, a trial court in Miami recently dismissed all...more

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

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