News & Analysis as of September 21, 2024

Virtual Currency › New Regulations

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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 -

Client Alert: California Enters the Arena of Virtual Currency Regulation

Jenner & Block on 10/25/2023

After prolonged deliberation, California has finally decided to enter the virtual currency regulatory arena by adopting two virtual currency regulatory bills into law. The California Digital Financial Assets Law (“DFAL”),...more

New York Issues New Guidance on Crypto Currency Custodial Structures

Shipkevich PLLC on 1/24/2023

On January 23, 2023, New York Department of Financial Services (DFS) released regulatory guidance to better protect customers in the event of virtual currency insolvency. The guidance is not binding, but rather persuasive...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

President Biden Signs Executive Order Outlining Crypto Policy

Sheppard Mullin Richter & Hampton LLP on 3/10/2022

On March 9, President Biden signed a highly anticipated executive order outlining his administration’s cryptocurrency policy. We have previously blogged about the Biden administration’s working group on stablecoins and the...more

Virtual Currency Legal Report - July 2021 #2

Perkins Coie on 8/3/2021

U.S. Developments - Legislation - Congress Members Reintroduce Bill to Define Digital Assets - U.S. Representative Tom Emmer (MN-06) re-introduced legislation aimed at defining how regulators should classify and...more

FinCEN Issues Anti-Money Laundering and Countering the Financing of Terrorism Priorities

King & Spalding on 7/8/2021

FinCEN announces eight areas of focus and advises preparation for issuance of new regulations - On June 30, 2021, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued the first...more

Financial Services: What’s Next Under the Biden Administration?

Pillsbury Winthrop Shaw Pittman LLP on 2/9/2021

Pillsbury partner and Public Policy group leader Elizabeth Vella Moeller recently sat down with Matthew McGuire, former Executive Director of the World Bank under President Obama, to discuss the Biden administration’s...more

Japan Legal Update - Volume 47 | May–June 2019

Jones Day on 6/28/2019

Finance - Amendment to the Payment Services Act Tightens Regulation of Crypto Assets - The Payment Services Act ("PSA") and the Financial Instruments and Exchange Act ("FIEA") were amended on May 31, 2019...more

Bridging the Weeks - June 2019

Katten Muchin Rosenman LLP on 6/11/2019

Last week, a Canada-based social media company was sued by the Securities and Exchange Commission for purportedly conducting an unregistered securities offering to United States persons in connection with an initial coin...more

Hong Kong’s SFC Issues Significant Announcements on the Regulation of Virtual Assets

Latham & Watkins LLP on 11/6/2018

The SFC has outlined its regulatory approach to the management and distribution of virtual asset funds and virtual asset exchanges. Key Points: ..Investor protection is paramount and the SFC is taking steps to tighten...more

Fintech Week in Review – October 2017

Perkins Coie on 10/24/2017

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

New York BitLicense Regulations Virtually Certain to Significantly Impact Transactions in Virtual Currencies

Katten Muchin Rosenman LLP on 7/9/2015

The New York State Department of Financial Services (NYDFS) recently issued its final BitLicense regulations with respect to Bitcoin and other virtual currencies. The new regulations require the licensing of, and establish...more

Plus ça change…NYDFS releases final BitLicense regulations

Davis Wright Tremaine LLP on 6/12/2015

The New York State Department of Financial Services (NYDFS) released final BitLicense regulations on June 3, 2015, almost eleven months after the initial BitLicense proposal was issued. The initial proposal went through two...more

Financial Services Weekly News Roundup - October 2014 #5

Goodwin on 10/30/2014

In this issue: - In preliminarily denying two exemption requests, the SEC takes a stand for market transparency in ETFs and upholds the arbitrage mechanism that allows market prices to closely track NAVs. -...more

NY Regulator Releases First Regulatory Framework For Virtual Currency

Manatt, Phelps & Phillips, LLP on 8/6/2014

It happened: Benjamin Lawsky, Superintendent of New York’s Department of Financial Services (DFS) announced the release of the DFS’s much-anticipated proposal for a BitLicense, stating “We have sought to strike an appropriate...more

Virtual Currencies: International Actions and Regulations

Perkins Coie on 6/25/2014

Virtual Currencies: International Actions and Regulations. See Chart below for more information....more

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Virtual Currency › New Regulations

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