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Virtual Currency › Payment Processors

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 -
Hudson Cook, LLP

"OVER THE LINE!"  Where Banking and Gaming Intersect, the CFPB Has Something to Say.

Hudson Cook, LLP on

The line between virtual and reality is getting thinner. Gamers pay gaming companies real currency for virtual in-game currency to buy skins, create the world they want to live in (virtually), or purchase loot that aid in...more

Foodman CPAs & Advisors

Deficiencies or Weaknesses in an OFAC Sanctions Compliance Program can lead to OFAC Administrative Actions

Foodman CPAs & Advisors on

On May 2, 2019, OFAC (Office of Foreign assets Control) published guidance titled “A Framework for OFAC Compliance Commitments”.  The purpose of the OFAC Framework guidance is to encourage a “risk-based” approach to...more

Dechert LLP

Financial Crimes Enforcement Network, Treasury Department Affirm Regulatory Regime for Convertible Virtual Currencies

Dechert LLP on

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued guidance on May 9, 2019, underscoring the application of the Bank Secrecy Act (BSA) and its implementing regulations relating to money...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

Foodman CPAs & Advisors

Should Law Firms accept Virtual Currency? Only if they immediately convert to USD!

Foodman CPAs & Advisors on

Law Firms, like other businesses, want to be able to offer more services to more clients expanding; the scope of their reach. This might entail entering the world of Virtual Currency (VC) and accepting payments such as...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - December 2017 #2

Robinson & Cole LLP on

$64 Million in Bitcoin Stolen from NiceHash - Many are lamenting not purchasing bitcoin now that its value has skyrocketed. Recently, Massachusetts Secretary of State William Galvin warned investors to stay away from...more

Robins Kaplan LLP

Your Daily Dose of Financial News

Robins Kaplan LLP on

While Wall Street’s been waiting with bated breath for the big Snap IPO, Jose Cuervo (yes, that Jose Cuervo, via parent company Becle) has briefly stolen a bit of its public offering thunder with its plans to sell shares on...more

Manatt, Phelps & Phillips, LLP

State Money Transmitter Laws Update: Then There Was One

Manatt, Phelps & Phillips, LLP on

South Carolina became the 49th state to enact a money transmitter licensing statute, leaving Montana as the lone jurisdiction in the United States not to require money transmitters to be licensed to offer services to...more

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