Virtual Currency FinCEN

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... more +
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 -
News & Analysis as of

Bitcoins and SAR Narratives

You probably know about Bitcoin, unless you have been living in total seclusion for the last few years. The big controversy usually centers on determining if it is legal tender. But imagine if you are confronted with a...more

Bitcoin Investment Vehicles Beware – The SEC is Watching

The Securities and Exchange Commission (SEC) recently charged the co-owner of two Bitcoin-related websites for publicly offering shares in the ventures without registering the securities under the Securities Act of 1933 (the...more

FinCrimes Update - Volume 1, Issue 3

On May 8, OFAC released enforcement information regarding “apparent violations” of the Cuban Assets Control Regulations by Canadian subsidiaries of a U.S. insurance company. The U.S. company self-reported 3,560 apparent...more

Admin Rulings: FinCEN Clarifies Money Transmitter Exemptions for Virtual Currency and Payment-Related Services

On April 29, 2014, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a series of administrative rulings determining whether five different companies constitute money services...more

FinCEN Issues Five Advisory Rulings Concerning the Application of the Bank Secrecy Act’s Definition of “Money Transmitter” to...

The Financial Crimes Enforcement Network (“FinCEN”) published five administrative rulings (collectively, the “Rulings,” and each a “Ruling”) concerning the applicability of certain exemptions from money transmitter status to...more

Regulatory and Tax Issues Posed By Convertible Virtual Currencies

And the answer is – Property. Not surprisingly, the question is how Convertible Virtual Currencies (CVCs) such as Bitcoin should be classified for tax purposes. Given the treatment of CVCs by the Financial Crimes...more

Treasury Officials Detail Approach To Virtual Currency

This week, Treasury Under Secretary David Cohen and FinCEN Director Jennifer Shasky Calvery outlined the Treasury Department’s approach to regulation of virtual currency. Mr. Cohen acknowledged that large scale adoption of...more

IRS Issues Significant Convertible Virtual Currency Ruling - Bitcoin Community Abuzz

The IRS has issued its first major ruling on the U.S. federal tax implications of transactions in, or transactions that use, Bitcoin and other convertible virtual currencies. The ruling stresses that it relates to convertible...more

FinCEN Director Discusses 2014 Priorities

On February 20, in remarks to the Florida International Bankers Association Anti-Money Laundering Conference, FinCEN Director Jennifer Shasky Calvery reviewed FinCEN’s key initiatives over the past year and outlined...more

Financial Services Law - Feb 28, 2014

Light ’em Up: FinCEN’s Cautionary Guidance About Banks Working With Marijuana Companies - The Financial Crimes Enforcement Network’s new guidance on how to work with marijuana-related businesses is unlikely to make it...more

New FinCEN Guidance On Virtual Currency Transactions

Overview - On January 30, 2014, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued two administrative letter rulings that clarify the application of FinCEN’s regulations to...more

FinCEN Releases Additional Guidance Related To Virtual Currency Mining, Software, And Investment Activity

On January 30, FinCEN issued two rulings related to virtual currency mining and virtual currency software development and investment activity. The guidance clarifies FinCEN’s previous convertible virtual currency guidance. ...more

FinCEN Issues Additional Clarifications Regarding Bitcoin and other Convertible Virtual Currency Activities

On January 30, 2014, the Financial Crimes Enforcement Network (“FinCEN”) issued two administrative rulings that address the application of Bank Secrecy Act (“BSA”) regulations to convertible virtual currency-related...more

FinCEN Rules on Status of Virtual Currency Miners and Investors as Money Service Businesses

The Financial Crimes Enforcement Network (FinCEN) has issued two rulings regarding the status of virtual currency miners and investors as money service businesses (MSB) under the Bank Secrecy Act (BSA). The rulings address...more

Virtual Currency Round-Up: NY Mulls Bitcoin License; FinCEN Issues Opinion Letters on Bitcoin Mining, Software Providers and...

New York Department of Financial Services Superintendent Benjamin Lawsky said the agency is considering a “BitLicense” in hearings held Jan. 28-29 in New York City. The Department will develop a virtual currency regulatory...more

FinCEN Issues MSB Guidance for Bitcoin Miners, Investors and Software Developers

On January 30, the Financial Crimes Enforcement Network (FinCEN) published two administrative rulings (Administrative Rulings) clarifying that certain participants in the Bitcoin economy (and other convertible virtual...more

FinCEN Issues Administrative Rulings on Virtual Currency Related to Miners and Investors

Prompted by requests, FinCEN published two administrative rulings on the application of its regulations requiring money services businesses to be registered under the Bank Secrecy Act. ...more

FinCEN Publishes Administrative Rulings Further Clarifying When Virtual Currency Activity Constitutes Money Transmission

On January 30, 2014, the Financial Crimes Enforcement Network (“FinCEN”) of the United States Department of the Treasury published two administrative rulings directly addressing when specific virtual currency activities...more

Corporate and Financial Weekly Digest - Volume IX, Issue 5

In this issue: - FTC Announces New Filing Thresholds for Hart-Scott-Rodino Pre-Merger Notifications - SEC Division of Corporation Finance Issues Three C&DIs Relating to “Unbundling Rule” - NFA Members...more

US: FinCEN further clarifies application of money transmission rules to virtual currency

The Financial Crimes Enforcement Network (a branch of the US Treasury) has published two administrative rulings, providing additional information on whether a person’s conduct related to convertible virtual currency brings...more

Bitcoins Drawing Increased Interest from Congress, New York and Merchants

Given the growing acceptance of Bitcoins, Congressional and state regulator interests have piqued. Two Senate subcommittees— the Senate Committee on Homeland Security and Governmental Affairs and the Senate Committee...more

Bitcoin Goes Mainstream

As followers of trends in e-commerce, our firm takes a keen interest in new e-payment methods. Last year, we predicted the Bitcoin would emerge as an innovative mode of currency for online transactions. When Bitcoin – an...more

Social Media & Games: 2013 Year in Review

2013 was an incredibly active year for social media legal issues. Below are selected highlights on some of the more interesting legal issues that impacted social media, along with links to reference material relating to the...more

Virtual Currency Year-In-Review: Bitcoin and Beyond

Bitcoin and other decentralized, math-based virtual currencies emerged in 2013 as nascent challenges to traditional payment systems, drawing widespread public attention, venture capital investment, and regulatory scrutiny....more

Bitcoins Mean Business

It’s an age-old theory: New ideas spark new business opportunities. In 2009, the “Bitcoin” network was launched, introducing a worldwide virtual currency. The idea of an Internet-based monetary system had been tossed around...more

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