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Virtual Currency › Money Services Business › Currency Exchange

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 -
The Volkov Law Group

OFAC Focuses on Cybercrime by Sanctioning the Hydra Darknet Market and GARANTEX Cryptocurrency Exchange

The Volkov Law Group on

Continuing with both its crackdown on cybercriminals and illicit digital marketplaces, along with its continued economic pressure on the Russian Federation, OFAC has sanctioned two entities that fit both criteria.  On April...more

Orrick - On the Chain

IRS Hints at Form 8938 Requirements for Reporting Crypto Assets Held at a Foreign Exchange

Orrick - On the Chain on

With the emergence of digital assets, the question has arisen whether digital assets held in “wallets” in foreign exchanges need to be reported on Internal Revenue Service (IRS) Form 8938, Statement of Specified Foreign...more

Burr & Forman

FinCEN Announces Civil Monetary Penalty for Virtual Currency Exchanger

Burr & Forman on

On April 18, 2019, the Financial Crimes Enforcement Network (“FinCEN”) announced its first enforcement action against a peer-to-peer virtual currency exchanger....more

Polsinelli

Spectacular Failure of Canadian Cryptocurrency Exchange Provides $190 Million Lesson on the Need for Digital Asset Compliance...

Polsinelli on

QuadrigaCX, one of the largest Canadian cryptocurrency exchanges, recently left users in the lurch when it took its website offline and filed for creditor protection in Nova Scotia. ...more

Ballard Spahr LLP

PA Department of Banking and Securities: Virtual Currency is not “Money”

Ballard Spahr LLP on

Typical Virtual Currency Exchanges Do Not Require PA Money Transmitter Licenses - The Pennsylvania Department of Banking and Securities (“DoBS”) just released Guidance declaring that virtual currency, “including Bitcoin,”...more

Blank Rome LLP

FinCEN Director’s Speech Underscores the Need for Virtual Currency Businesses to Comply with the Bank Secrecy Act

Blank Rome LLP on

Individuals and businesses that accept and transmit virtual currency must register with the Financial Crimes Enforcement Network (“FinCEN”) as a money service business (“MSB”). Registrants must develop and maintain an...more

Goodwin

FinTech Flash: So You Want to Put a Bitcoin ATM in a Coffee Shop?

Goodwin on

This writer received three cold emails in two weeks asking for legal help around operating a Bitcoin ATM (BTM). Each groundbreaker asked: “What are the legal requirements for an operator putting a BTM in, say, a coffee shop?”...more

Ballard Spahr LLP

Failure to Register with FINCEN Sustains Guilty Pleas by Virtual Currency Exchangers

Ballard Spahr LLP on

It is a potential crime to conduct a business that exchanges virtual currency and fail to register with the Financial Crimes Enforcement Network (“FinCEN“), even if the State in which one operates does not impose a similar...more

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