News & Analysis as of September 21, 2024

BitLicense

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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 -

New York Proposed Guidance on Virtual Currencies

Sullivan & Worcester on 12/13/2019

On December 11, 2019, the New York State Department of Financial Services ("DFS") issued two proposed changes to the regime that is in place in New York for the regulation and licensing of virtual currency ("VC") businesses....more

NYDFS Rejects Cryptocurrency Exchange License Applications, Citing Compliance Program Flaws

Jones Day on 4/25/2019

The Situation: For the first time, the New York State Department of Financial Services ("NYDFS") publicly announced that it had denied a cryptocurrency exchange's applications for virtual currency and money transmission...more

Bridging the Week - April 2019 #2

Katten Muchin Rosenman LLP on 4/16/2019

The New York State Department of Financial Services cancelled the temporary authority of a major cryptocurrency exchange to operate in New York, saying its failure to meet anti-money laundering, AML compliance officer quality...more

New York Approves Nationwide Licensing Tool for Virtual Currency Business Activity Companies

Proskauer - Blockchain and the Law on 1/14/2019

New York State has taken measures this year to modernize its approach to regulation for blockchain-based companies. Even before Assembly Bill A8783B established a government task force to study the effects of blockchain and...more

Rise of Blockchain and ICOs Brings Regulatory Scrutiny

Skadden, Arps, Slate, Meagher & Flom LLP on 2/1/2018

In 2017, the increased adoption of blockchain technology in various industries was partially obscured by the dramatic fluctuations in the price of bitcoins and the prevalence of so-called initial coin offerings (ICOs) to...more

Beyond Best Practices: Regulatory Compliance Now a Necessity in the Cryptocurrency Sector

Ballard Spahr LLP on 12/22/2017

As the value of bitcoin continues to soar (USD:BTC this past weekend exceeded $19,000.00:1), we thought that now would be a good time to emphasize the need to ensure regulatory compliance with the many federal and state AML...more

State Regulation of Virtual Currency: A Recap

Carlton Fields on 6/25/2015

This may be the year of the virtual currency. Virtual currencies have garnered much media, investor, and government attention. But, as venture capital funding continues to pour into the industry—more than $1 billion is...more

Final BitLicense Announced in Lawsky’s Last Speech

Goodwin on 6/5/2015

New York State Department of Financial Services (NYDFS) Superintendent Benjamin Lawsky in a speech yesterday at the BITS Emerging Payment Forum announced the final version of the long-awaited BitLicense. He stressed several...more

NY Regulator Releases First Regulatory Framework For Virtual Currency

Manatt, Phelps & Phillips, LLP on 8/6/2014

It happened: Benjamin Lawsky, Superintendent of New York’s Department of Financial Services (DFS) announced the release of the DFS’s much-anticipated proposal for a BitLicense, stating “We have sought to strike an appropriate...more

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