News & Analysis as of September 20, 2024

Virtual Currency › ATMs

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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 -

GAO Report Indicates Tightening Regulations Coming on Crypto ATMs

Troutman Pepper on 1/17/2022

In a January 10 report titled, “Virtual Currencies: Additional Information Could Improve Federal Agency Efforts to Counter Human and Drug Trafficking,” the Government Accountability Office (GAO) identified virtual currency...more

Current Developments in Bank Deposits and Payment Systems (Spring 2019)

Hudson Cook, LLP on 6/10/2019

This survey summarizes several recent developments affecting bank deposits and payment systems. The U.S. department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued new guidance concerning the customer...more

Financial Crimes Enforcement Network, Treasury Department Affirm Regulatory Regime for Convertible Virtual Currencies

Dechert LLP on 5/22/2019

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued guidance on May 9, 2019, underscoring the application of the Bank Secrecy Act (BSA) and its implementing regulations relating to money...more

FinTech Flash: So You Want to Put a Bitcoin ATM in a Coffee Shop?

Goodwin on 3/28/2018

This writer received three cold emails in two weeks asking for legal help around operating a Bitcoin ATM (BTM). Each groundbreaker asked: “What are the legal requirements for an operator putting a BTM in, say, a coffee shop?”...more

Your daily dose of financial news - The Brief – 9.21.16

Robins Kaplan LLP on 9/21/2016

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

Bitcoin - Big Bounce Back - Part Six

Dorsey & Whitney LLP on 1/23/2014

The nature and prospects of “virtual currencies”, and bitcoin in particular, have been keenly debated. In early December 2013, Chinese government authorities took the first steps towards defining and regulating virtual...more

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