News & Analysis as of September 21, 2024

Virtual Currency › Licensing Rules

+ 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 -

Vermont and Pennsylvania Embrace Virtual Currency Regulation

Shipkevich PLLC on 7/31/2024

In a continuing trend across U.S. states, Vermont and Pennsylvania have shown their intent to establish more oversight over the digital currency sector. New legislative amendments to Vermont’s financial services laws include...more

Significant State Regulatory Development in the Virtual Currency Industry in California and New York

Goodwin on 4/30/2024

California enacted its own version of New York’s “BitLicense” law, the Digital Financial Assets Law (DFAL), becoming one of the first US states to implement a virtual currency-specific regulatory regime. ...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

Don't Be Fooled – April 1st Application Deadline for New Louisiana Virtual Currency License

Hinshaw & Culbertson - Consumer Crossroads on 3/7/2023

April 1, 2023 marks the deadline to submit an application for the Louisiana Virtual Currency Business Activity License or Virtual Currency Limited Activity Registration in order to receive timely approval from the Louisiana...more

New York Department of Financial Services Issues Cryptocurrency-Related Guidance to Banks, Increases Regulatory Scope

Proskauer - Blockchain and the Law on 1/9/2023

At a time when states are jockeying for position to become digital asset and cryptocurrency hubs and we’ve witnessed turmoil and regulatory uncertainty within the cryptoasset industry, the New York Department of Financial...more

Louisiana’s Virtual Currency Licensing Law Taking Effect (Finally)

Cooley LLP on 11/30/2022

In August 2020, Louisiana adopted the Virtual Currency Businesses Act (VCBA) to regulate virtual currency activity in the state. In doing so, it joined New York as only the second US state to establish a stand-alone payments...more

Louisiana Approves Virtual Custody Services and Proposes Virtual Currency Business Licensing Rules

Sheppard Mullin Richter & Hampton LLP on 7/22/2022

Recently, the Louisiana lawmakers and regulators have taken steps to legalize operations in the state involving virtual currencies. On June 15, the Louisiana governor signed a bill that, effective August 1, 2022, will allow...more

Thinking of Jumping on the NFT Bandwagon – Are you Prepared?

Sheppard Mullin Richter & Hampton LLP on 4/20/2022

“NFT” was 2021’s word of the year. This isn’t too surprising—they’re everywhere! The market cap for NFT transactions jumped from roughly $400 million at the beginning of 2021 to over $7 billion by year’s end. What’s next...more

New York Department of Financial Services to Start Charging Assessments to Virtual Currency Businesses

Troutman Pepper on 4/14/2022

The fiscal year 2022-2023 budget for New York, which takes effect in two months, includes requiring the New York Department of Financial Services (NYDFS) to charge a new “assessment” to all virtual currency businesses...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

Money Transmission Licenses Required for Virtual Currency Activities in Arkansas and Florida

Sheppard Mullin Richter & Hampton LLP on 9/22/2021

Recently Florida and Arkansas made it a requirement for those engaging in virtual currency activities to obtain money transmission licenses in their respective jurisdictions. - In August, the Florida Office of Financial...more

New York's Relaxed BitLicense Could Still Take Lessons From Wyoming's Permissive Approach

Carlton Fields on 7/28/2020

New York’s slogan “if you can make it here, you can make it anywhere” seems like it was written specifically for cryptocurrency companies. Since 2015, the New York Department of Financial Services (NYDFS) established a...more

New York Proposes Conditional BitLicense Framework

Proskauer - Blockchain and the Law on 7/20/2020

The New York State Department of Financial Services (the “NYDFS”), as a part of a series of virtual currency initiatives, proposed in June a framework for applying for and obtaining a virtual currency Conditional BitLicense....more

Louisiana Becomes Second State To Require Virtual Currency Licensing

Morrison & Foerster LLP on 7/16/2020

Developments in virtual currency regulation have been top-of-mind with recently announced initiatives from the New York Department of Financial Services. Companies engaging in virtual currency activity should also, however,...more

Piggyback Ride to New York BitLicense

Sullivan & Worcester on 7/14/2020

On June 24, 2020, the New York Department of Financial Services (the "NYDFS") announced it is considering a proposal to issue conditional licenses (a "Conditional License") for companies to begin virtual currency activities...more

New York Guidance on Listing Digital Assets

Pillsbury Winthrop Shaw Pittman LLP on 1/8/2020

New York DFS proposal: A step forward in treating digital coin assets in a manner commensurate with more traditional financial assets. The New York State Department of Financial Services (DFS) proposed guidance that will...more

New York Proposed Guidance on Virtual Currencies

Sullivan & Worcester on 12/13/2019

On December 11, 2019, the New York State Department of Financial Services ("DFS") issued two proposed changes to the regime that is in place in New York for the regulation and licensing of virtual currency ("VC") businesses....more

Wyoming, the “Equality State,” Seeks to Level the Playing Field for Digital Assets Businesses

Orrick - On the Chain on 12/4/2019

In its continued effort to establish itself as the go-to jurisdiction for digital asset businesses, Wyoming, through its Department of Audit, Division of Banking, recently published a digital asset custody regime for its...more

SFC Addresses Regulation of Managers of Virtual Asset Funds and Virtual Asset Discretionary Accounts

Dechert LLP on 11/6/2019

In light of an increasing demand for virtual asset investment products, the Hong Kong Securities and Futures Commission (SFC) has been taking steps to clarify the legal and regulatory requirements for this market. In this...more

AMLD5 in Germany: Implementation provides far-reaching licensing requirements for crypto-asset service providers

Dechert LLP on 8/20/2019

German draft bill for the implementation of the 5th EU Anti-Money Laundering Directive provides for licensing requirements and an expansion of the address of the anti-money laundering obligations with regard to crypto-asset...more

New York State Department of Financial Services Establishes New Research and Innovation Division

Proskauer - Blockchain and the Law on 8/1/2019

On July 23, the New York State Department of Financial Services (the “DFS”) issued a press release announcing the establishment of a new Research and Innovation Division (the “Division”) within the DFS....more

Germany to Implement EU Anti-Money Laundering Directive with Cryptocurrency Licensing Requirements

Jones Day on 7/1/2019

The Situation: The G20, a forum for governments and central bank governors from 19 countries and the European Union, had made the decision to combat money laundering and terrorism financing activities tied to the use of...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

NYDFS to Virtual Currency Exchange: Don’t Let the Door Hit You on Your Way Out

Orrick - On the Chain on 4/19/2019

The New York Department of Financial Services virtual currency license is back in the spotlight after NYDFS announced that it had rejected the application of Bittrex Inc., a virtual currency exchange, to conduct virtual...more

Blockchain Week in Review - April 2019 #2

Perkins Coie on 4/18/2019

U.S. Developments - Blockstack Files With SEC for Regulation A+ Token Sale - Blockstack, the New York-based blockchain software provider, has announced that it intends to make a $50 million token offering that would use...more

54 Results

View per page

Page: of 3

Virtual Currency › Licensing Rules

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