News & Analysis as of September 23, 2024

Virtual Currency › Financial Conduct Authority (FCA)

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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 -

Weekly Blockchain Blog - July 2024

BakerHostetler on 7/1/2024

Institutional Firms Enter Crypto Market; Crypto Firms Partner on New Products - According to recent reports, a major global bank is establishing a spot trading desk for buying and selling bitcoin and ether. The new desk,...more

States, Countries Focus on Fraud Prevention and Customer Protection in Crypto

Morgan Lewis - All Things FinReg on 2/27/2023

New York has enhanced its fraud prevention tools, while consumers can identify crypto scams using California’s scam tracker. A week after the US Securities and Exchange Commission (SEC) proposed amendments to cover...more

The Crypto crash and the regulatory response

Ankura on 8/19/2022

Cryptoassets continue to fall in value and the industry is in trouble - The big question now being asked about the cryptoassets meltdown is this: Is it the end of crypto as we know it, or only a short-term correction? The...more

The UK’s Plan to Become a Global Crypto Hub

Cadwalader, Wickersham & Taft LLP on 4/12/2022

On April 4, 2022, the UK government announced plans to become a “global hub” for the cryptoasset industry with proposals for the regulation of stablecoins, development of an NFT (non-fungible token) issued by the Royal Mint,...more

Cryptocurrency – Russia's Sanctions Loophole?

K&L Gates LLP on 3/23/2022

Regulators across the globe have this week stepped up their messaging in relation to sanctions on cryptocurrency. This comes in the wake of pleas from Ukraine’s minister of digital transformation via Twitter on Sunday for...more

Sanctions Against Russia: The Week in Review - March 2022

K2 Integrity on 3/18/2022

The Week in Review delivers the impact and analysis for the public, private, and non-profit sectors from our daily reporting of the evolving global sanctions campaign against Russia. ...more

Blockchain Week in Review - March 2022

Perkins Coie on 3/18/2022

...Treasury Releases National Risk Assessments - The U.S. Department of the Treasury (Treasury) issued the 2022 National Risk Assessments (NRAs) on (1) money laundering, (2) terrorist financing, and (3) proliferation...more

UK Financial Conduct Authority Consults on Its Financial Promotion Rules for Cryptoassets and Other High-Risk Investments

Proskauer - Blockchain and the Law on 1/25/2022

On 19 January 2022, the UK Financial Conduct Authority (“FCA”) published a consultation paper (CP22/2) (the “Consultation”) setting out its proposals to strengthen its financial promotion rules for high-risk investments...more

Bank of England and HM Treasury Announce Next Steps for UK Central Bank Digital Currency

A&O Shearman on 11/29/2021

The Bank of England and HM Treasury have announced the next steps in the development of a U.K. Central Bank Digital Currency. These include the following...more

Canadian Ether Fund Launches, Swiss Bank Tokenizes Shares, Crypto Regulation Evolves in UK, Estonia and Germany; Blockchain...

BakerHostetler on 12/22/2020

Canadian Ether Fund Launches, Swiss Bank Tokenizes Shares, New German Law Passed - Earlier this month, 3iQ Corp., a Toronto-based investment management firm, announced the listing of its fund, The Ether Fund (the Fund), on...more

Bitcoin 101: Halves, Halving, and ‘the Halvening’

Morgan Lewis - All Things FinReg on 5/13/2020

The virtual currency Bitcoin has been a hot topic in FinReg for some time, but in recent weeks mainstream interest in Bitcoin has grown in light of the approaching “halving” or “halvening.” So what is the “halvening” and why...more

A rag-bag of changes to UK money laundering regulations

BCLP on 1/31/2020

UK regulations implementing the EU 5th Money Laundering Directive (“5MLD”) came into force on 10 January 2020: the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (“MLR 2019”). The regulations make a...more

Bridging The Week - January 2020 #2

Katten Muchin Rosenman LLP on 1/22/2020

A non-US-based investment and brokerage firm agreed to settle spoofing allegations by the Commodity Futures Trading Commission by payment of a US $700,000 fine. In accepting this settlement, the CFTC emphasized the...more

UK FCA becomes AML/CFT crypto supervisor

Hogan Lovells on 1/21/2020

The UK Financial Conduct Authority (FCA) has become the anti-money laundering and countering the financing of terrorism (AML/CFT) supervisor for some types of cryptoasset businesses. These will need to meet certain...more

NYDFS Requires LIBOR Transition Plans by Early February

White & Case LLP on 1/14/2020

On December 23, 2019, the New York Department of Financial Services (NYDFS) issued an Industry Letter instructing each institution it regulates, including banks and licensed Fintechs, to make submissions describing the...more

UK Implements EU’s Fifth Anti-Money Laundering Directive

A&O Shearman on 1/10/2020

U.K. revisions to its anti-money laundering and counter terrorist financing regime come into force on 10 January 2020. The U.K.’s revisions implement the European Union’s Fifth Anti-Money Laundering Directive, commonly...more

Corporate & Financial Weekly Digest, Featuring Articles on Shareholder Proposals Exclusion, the SEC's New Asset Management...

Katten Muchin Rosenman LLP on 10/21/2019

SEC/CORPORATE - SEC Issues Legal Bulletin Regarding Shareholder Proposals Exclusion - On October 16, the staff of the Division of Corporation Finance (Staff) of the Securities and Exchange Commission issued Staff...more

Bridging The Week - October 2019 #2

Katten Muchin Rosenman LLP on 10/15/2019

A broker-dealer and its chief executive officer settled charges brought in 2017 by the Securities and Exchange Commission that the firm facilitated manipulative conduct by a customer, despite being alerted by regulators and...more

Bridging The Week - August 2019 #2

Katten Muchin Rosenman LLP on 8/13/2019

Last week a Canada-based social media company answered charges filed against it by the Securities and Exchange Commission in June 2019 that alleged its 2017 initial sale of digital tokens constituted an unlawful securities...more

Crypto Exchange and Payment Solutions Expand, New UK Guidance Issued, US Enforcement Actions Continue

BakerHostetler on 8/5/2019

Cryptocurrency Exchange and Payment Solutions Continue to Expand - This week, Blockchain.com, a London-based supplier of digital wallets, announced that it is moving into the trading side of cryptocurrencies with a...more

Corporate & Financial Weekly Digest, Featuring Articles on the Latest Guidance From FINRA and the CFTC, and an FCA Paper...

Katten Muchin Rosenman LLP on 7/15/2019

BROKER-DEALER - Division of Trading and Markets and FINRA Staffs Issue Joint Statement on Broker-Dealer Custody of Digital Asset Securities - On July 8, in response to questions raised by market participants regarding...more

Bridging the Weeks - July 2019 #2

Katten Muchin Rosenman LLP on 7/9/2019

The United Kingdom’s Financial Conduct Authority proposed to ban the marketing and sale in or from the UK to retail persons of derivatives and exchange-traded notes based on cryptocurrencies and utility digital tokens,...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

Corporate & Financial Weekly Digest, Featuring Articles on FINRA and the FCA Offering Guidance on Cryptocurrencies

Katten Muchin Rosenman LLP on 1/28/2019

BROKER-DEALER - FINRA Releases 2019 Annual Risk Monitoring and Examination Priorities Letter - On January 22, the Financial Industry Regulatory Authority (FINRA) issued its annual Risk Monitoring and Examination...more

A Bid for a US Publicly Traded Crypto Exchange, Institutional Investments, International Regulatory and Enforcement Actions

BakerHostetler on 1/28/2019

2018 Cryptocurrency Recap, Developments in Cryptocurrency Exchanges and Payment Providers - According to a recent report, despite a lower price compared to the previous year, bitcoin’s total trade volume for 2018 is $2.2...more

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Virtual Currency › Financial Conduct Authority (FCA)

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