News & Analysis as of September 20, 2024

Virtual Currency › Banking Sector

+ Follow

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 -

Focus on Fintech – Q1 2024

Wilson Sonsini Goodrich & Rosati on 5/30/2024

In this latest edition, our attorneys discuss updates and developments from federal regulators, including those related to the intersection of fintech and artificial intelligence, cryptocurrency and virtual currency updates,...more

"OVER THE LINE!" Where Banking and Gaming Intersect, the CFPB Has Something to Say.

Hudson Cook, LLP on 5/9/2024

The line between virtual and reality is getting thinner. Gamers pay gaming companies real currency for virtual in-game currency to buy skins, create the world they want to live in (virtually), or purchase loot that aid in...more

[Event] 24th National Forum on Prepaid Accounts Compliance - April 8th, New York, NY

American Conference Institute (ACI) on 1/29/2024

The 24th National Forum on Prepaid Accounts Compliance will address the latest developments impacting the prepaid industry and provide answers to the most pressing questions and challenges being faced by practitioners in this...more

Virtual Asset Regulators in the UAE: A comparison of the different licensing frameworks

White & Case LLP on 6/19/2023

In recent years, regulators within the United Arab Emirates (the UAE) have worked to foster an environment for the sustainable growth of the UAE virtual asset sector through the enactment of several regulatory measures...more

Crypto Policy Questions Linger Weeks After Historic Banking Crisis

Brownstein Hyatt Farber Schreck on 4/3/2023

The crypto industry is at a critical juncture: As it continues to operate absent clear regulatory guidance (other than by enforcement) and prospects dim for legislation that would create a roadmap for regulation—the...more

NYDFS Releases Virtual Currency Guidance for Banking Organizations

Ballard Spahr LLP on 12/23/2022

On December 15, 2022, the New York Department of Financial Services (“NYDFS”) published an Industry Letter detailing the Department’s guidance regarding banking organizations that wish to engage in virtual currency-related...more

New York State Department of Financial Services Outlines Prior Approval Process for Virtual Currency-Related Activity

Alston & Bird on 12/23/2022

The New York State Department of Financial Services has issued an industry letter detailing the prior approval process for all New York banking organizations seeking to engage in new or significantly different virtual...more

Treasury Plans Significant Actions to Curb Illicit Digital Asset Financing

BakerHostetler on 10/17/2022

As part of a coordinated effort with the U.S. Secretary of State, Attorney General, Secretary of Commerce, Secretary of Homeland Security, Director of the Office of Management and Budget, Director of National Intelligence,...more

Video: Introduction A Deep Dive into DeFi Decentralized Finance

McGlinchey Stafford on 9/1/2022

The world of decentralized finance, blockchains, virtual and cryptocurrency have grown exponentially in recent years. Many financial institutions are looking to enter or expand their operations in the digital economy, but the...more

What Institutional Bankers Should Know About Cryptocurrency and Anti-Money Laundering Laws

Oberheiden P.C. on 8/23/2022

For all of its upheaval, cryptocurrency seems like it is here to stay. This presents virtual currency businesses and institutional bankers with a dilemma: Do they capitalize on the increasingly powerful trend, or do they wait...more

The Cullen Commission Explores the Issue of Money Laundering Through Virtual Assets

Bennett Jones LLP on 8/18/2022

In June 2022, the Final Report of the Commission of Inquiry into Money Laundering in British Columbia was published. As previously reported by us in The Cullen Commission Releases Its Final Report on Money Laundering in...more

New NFT Initiatives Launch Across Industries; Banking Agencies Publish Crypto Guidance; Enforcement Agencies Bring Crypto Actions;...

BakerHostetler on 8/8/2022

New NFT Initiatives Announced in Jewelry, Automobile and Liquor Industries - A U.S. luxury jeweler has reportedly partnered with the popular NFT (non-fungible tokens) collection CryptoPunk to transform the digital...more

Privacy Tip #337 - FBI Issues Warning About Cryptocurrency Apps

Robinson+Cole Data Privacy + Security Insider on 7/21/2022

On July 18, 2022, the FBI issued an Alert advising consumers that fraudulent cryptocurrency apps have caused more than 244 victims to lose nearly $43 million. The fraudulent apps that cyber criminals used to steal funds...more

Focus on Fintech - Wilson Sonsini Quarterly Fintech Update - July 2022

Wilson Sonsini Goodrich & Rosati on 7/19/2022

Welcome to Wilson Sonsini’s Focus on Fintech quarterly newsletter. This quarterly newsletter provides ongoing analysis and commentary on regulatory developments impacting the fintech industry....more

Bank of Israel Continues to Regulate Use of Cryptocurrencies

Barnea Jaffa Lande & Co. on 6/22/2022

Israel’s financial regulatory authorities are regulating virtual currencies (cryptographic currencies) due to their steady increase in use. For example, the Capital Market, Insurance and Savings Authority (CMISA) issued an...more

U.S. Government Steps Up Its Enforcement in the Digital Assets Space

Alston & Bird on 5/26/2022

Our Blockchain & Digital Assets Team offers a snapshot sample of significant recent developments by a panoply of federal agencies and departments that represent the expanding array of enforcement tools used by federal...more

NY Department of Financial Services Outlines How Blockchain Analytics Should Be Used for Compliance

Skadden, Arps, Slate, Meagher & Flom LLP on 5/18/2022

On April 28, 2022, the New York State Department of Financial Services (DFS) issued guidance on the use of blockchain analytics for virtual currency businesses licensed under 23 NYCRR part 200 (also known as a BitLicense) or...more

OCC Issues Consent Order Against A Digital Bank

A&O Shearman on 5/4/2022

On April 21, 2022, the Office of the Comptroller of the Currency (OCC) issued a consent order against Anchorage Digital Bank, a digital asset bank based in South Dakota. Notably, Anchorage had previously become the first...more

New Virginia Law Permits Banks to Provide Virtual Currency Custody Services

Troutman Pepper on 4/13/2022

On April 11, Virginia enacted a new law (HB 263), which goes into effect on July 1, 2022, permitting “banks” to provide customers with “virtual currency custody services so long as the bank has adequate protocols in place to...more

Dubai moves to become a global hub for digital assets: A first look at the Dubai Virtual Assets Law

White & Case LLP on 4/8/2022

On 28 February 2022, the Ruler of Dubai issued Law No.4 of 2022 on the Regulation of Virtual Assets (the "DVAL") in Dubai, which came into effect on 11 March 2022. The DVAL is the first law in Dubai, which specifically...more

With Regulation on the Rise, Congressional Blockchain Caucus Steps Up to Test SEC’s Approach

Orrick - On the Chain on 3/31/2022

Coming quickly on the heels of the Biden Administration’s Executive Order on Digital Assets, the Congressional Blockchain Caucus has signaled it will be watching new regulation closely in line with their belief in a “light...more

[Podcast] Blockchain University: Relationship Drama: Cryptocurrencies, Blockchain and the Law

BakerHostetler on 3/30/2022

Our fifth episode provides an overview of the key legal issues facing cryptocurrencies and blockchain in the U.S....more

FinCEN Warns Against Evasion of Russian Sanctions

Goodwin on 3/14/2022

In this Issue. The Financial Crimes Enforcement Network (FinCEN) published an alert warning financial institutions of possible efforts to evade U.S.-imposed sanctions on Russia and Belarus; the U.S. Department of the Treasury...more

Executive Order Addresses Digital Assets; Banks and Restaurants Launch Crypto Initiatives; FinCEN Issues Alert; SEC, CFTC and DOJ...

BakerHostetler on 3/14/2022

This week, President Joe Biden signed “Executive Order on Ensuring Responsible Development of Digital Assets” (EO). According to a fact sheet published with the EO, the EO calls for measures to accomplish the following...more

Virginia Approves Bill Allowing Banks to Offer Cryptocurrency Custody Services

Sheppard Mullin Richter & Hampton LLP on 3/10/2022

On March 3, Virginia passed a new bill (HB 263) permitting banks in the Commonwealth to provide its customers with crypto custody services “so long as the bank has adequate protocols in place to effectively manage risks and...more

126 Results

View per page

Page: of 6

Virtual Currency › Banking Sector

"My best business intelligence, in one easy email…"