News & Analysis as of September 19, 2024

Virtual Currency › Department of Business Oversight

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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 -

Blockchain Week in Review - September 2020

Perkins Coie on 9/16/2020

U.S. Developments - CFTC Approves LedgerX to Clear Fully-Collateralized Futures and Options - The Commodity Futures Trading Commission (CFTC) announced that it has approved LedgerX, LLC’s amended order of registration to...more

Will California License Virtual Currency Issuers?

Allen Matkins on 2/12/2020

The California Department of Business Oversight regulates the money transmission business pursuant to the Money Transmission Act, Cal. Fin. Code § 2000 et seq. The Act currently defines "money transmission" as any of the...more

California Virtual Currency Legislation

Pillsbury - Internet & Social Media Law Blog on 3/18/2015

On February 27, 2015, California Assemblyman Matt Dababneh, chairman of the state's Banking and Finance Committee, introduced Assembly Bill 1326, which would prohibit a person from engaging in California in the business of...more

California Legislature Proposes Virtual Currency License

Perkins Coie on 3/9/2015

On February 27, 2015, California Assembly member Matt Dababneh (D – Encino) introduced AB 1326, which would require virtual currency businesses to be licensed by the Department of Business Oversight (DBO). To get licensed,...more

California Still Unsure About Bitcoin Regulation

Pillsbury - Internet & Social Media Law Blog on 2/11/2015

Unlike New York, Kansas, and Texas, which have either published proposed regulations or formal guidance, some states, such as California, have indicated that they are still trying to determine whether Bitcoin and other...more

DBO Issues Guidance Regarding Virtual Currencies And Asks For Comments On Proposed Money Transmission Rules

Allen Matkins on 4/23/2014

Yesterday, the Department of Business Oversight issued this cautionary guidance for consumers regarding virtual currencies. However, amidst the warnings, the Department disclosed that “California has been working with...more

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