News & Analysis as of September 20, 2024

Virtual Currency › Registration Requirement

+ 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 -

Proskauer's Hedge Start: When Is CFTC Registration Necessary?

Proskauer Rose LLP on 5/7/2024

An initial question faced by a new hedge fund manager is whether or not registration with the U.S. Commodity Futures Trading Commission (CFTC) will be required. Limited Trading Exemption - CFTC Rule 4.13(a)(3), which...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

The Clock Is Ticking: File Now to “Complete” the Louisiana Virtual Currency Business Activity Application by the Statutory...

McDermott Will & Emery on 1/10/2023

As the first state to follow New York’s lead in issuing a crypto-specific license, Louisiana began accepting Louisiana Virtual Currency Business Activity (VCBA) license applications as of January 1, 2023. All entities engaged...more

The Wait is Over: Louisiana Proposes Virtual Currency Business Rules

McGlinchey Stafford on 7/5/2022

The Louisiana Virtual Currency Business Act (Act), which requires virtual currency businesses to hold a license became effective on August 1, 2020. At that time the Louisiana Office of Financial Institutions (OFI) was tasked...more

Tokenization Lawyer – 5 Reasons Why You Might Need One

Oberheiden P.C. on 5/17/2022

What is Tokenization? Tokenization is the process of converting an asset into a token on the blockchain. It operates by dividing—or fractionalizing—the ownership of an asset (whether the asset is a piece of real estate or...more

SEC Mike Drop on Rapper and Film Producer Charged With Illegal ICOs

Polsinelli on 10/2/2020

The U.S. Securities and Exchange Commission (SEC) recently announced charges against rapper and actor Clifford Harris, Jr., known as T.I. or Tip, film producer Ryan Felton, and three others who promoted Felton’s unregistered...more

Superman29 - Welcome to the Phantom Zone

Polsinelli on 8/10/2020

In a lesson to everyone that the use of foolish monikers will come back to haunt you, Kais Mohammad, 36, a.k.a. “Superman29,” has met his Kryptonite - the U.S. Department of Justice. ...more

Bridging The Week - February 2020

Katten Muchin Rosenman LLP on 2/11/2020

Last week, a commissioner at the Securities and Exchange Commission proposed a rule that would provide a bright line when a digital asset initially issued to raise funds to help develop a new network might later be regarded...more

A rag-bag of changes to UK money laundering regulations

BCLP on 1/31/2020

UK regulations implementing the EU 5th Money Laundering Directive (“5MLD”) came into force on 10 January 2020: the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (“MLR 2019”). The regulations make a...more

The SEC: IEOs are a pile of red flags

Sullivan & Worcester on 1/23/2020

On January 14, 2020, the Securities and Exchange Commission (the "SEC") issued an investor alert urging investors to use caution before investing in initial exchange offerings ("IEOs"). In contrast with an Initial Coin...more

SEC Swings Into 2020, Warning Investors of Initial Exchange Offerings

Proskauer - Blockchain and the Law on 1/23/2020

The SEC’s Office of Investor Education and Advocacy issued an alert on January 14, 2020, warning investors of initial exchange offerings and the potential for fraud. This follows the 2020 examination priorities the SEC...more

Crypto and the Regulators: Will the Revolution Get Rules?

Dorsey & Whitney LLP on 10/18/2019

Crypto currency began with the notion of getting “off the grid” – escaping the regulators and not being regulated. Over time that notion has transmuted. Now platforms trading crypto assets proclaim that the “revolution needs...more

Blockchain Week in Review - May 2019 #4

Perkins Coie on 6/7/2019

U.S. Developments - U.S. Federal Regulatory Developments - SEC Staff Holds FinTech Forum to Discuss Blockchain Technology and Digital Assets - On May 31, 2019, the staff of the U.S. Securities and Exchange Commission...more

Virtual Currency Guidance + Enforcement Actions = AML Regulators Are Watching

Wilson Sonsini Goodrich & Rosati on 5/29/2019

A few days before thousands of blockchain industry participants poured into New York for “Blockchain Week,” the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued guidance on virtual currencies...more

US Authority Settles Charges Against Peer-to-Peer Virtual Currency Exchanger for Violating Registration and AML Requirements

A&O Shearman on 5/22/2019

The U.S. Treasury Department's Financial Crimes Enforcement Network has announced that it has settled charges against Eric Powers, a peer-to-peer exchanger of convertible virtual currency, for violating the registration,...more

Application of FinCEN’s regulations to certain business models involving convertible virtual currencies

Eversheds Sutherland (US) LLP on 5/21/2019

On May 9, 2019, the Financial Crimes Enforcement Network (FinCEN) issued interpretive guidance1 summarizing the application of the Bank Secrecy Act (BSA) rules to business models “involving money transmission denominated in...more

FinCEN – We Will Identify Where Compliance Is Not Taking Place And Take Appropriate Action

Sheppard Mullin Richter & Hampton LLP on 5/15/2019

Last week we reported that FinCEN had issued new guidance addressing cryptocurrency and other convertible virtual currency. The need for compliance was reinforced this week. In a speech by Sigal Mandelker, Under Secretary for...more

FinCEN Updates Guidance on Crypto

Sheppard Mullin Richter & Hampton LLP on 5/13/2019

FinCEN has issued 2 new guidance documents addressing cryptocurrency and other convertible virtual currency (CVC). The guidance does not establish any new regulatory expectations. Rather, it consolidates current FinCEN...more

Blockchain Week in Review - February 2019 #4

Perkins Coie on 3/5/2019

U.S. Developments - Regulatory Updates - SEC Settles Enforcement Action with Gladius Network - On February 20, 2019, the U.S. Securities and Exchange Commission (“SEC”) announced the settlement of charges against...more

Staking its Claim: SEC Provides Comprehensive Guide for Blockchain, Digital Asset Securities

Locke Lord LLP on 11/29/2018

Yesterday at the Consensus: Invest Conference in New York City, Jay Clayton, Chairman of the U.S. Securities and Exchange Commission (the “Commission”), strongly reaffirmed the guidance put forth by his agency in the last...more

Bridging the Week - November 2018 #3

Katten Muchin Rosenman LLP on 11/20/2018

The Commodity Futures Trading Commission’s Division of Enforcement issued its annual report last week; it said the purpose of its enforcement program was to engender a “true culture of compliance.” The Division suggested the...more

Some Legal Issues Surrounding Blockchain and Cryptocurrency Part 2: Regulation of ICOs.

Burr & Forman on 9/12/2018

This is Part 2 of a seven-part series of posts looking at some broad legal issues affecting crypto-currencies. State and federal regulators, especially the SEC, have moved aggressively to halt unregistered initial coin...more

Unlicensed Bit Coin Exchange Operator Sentenced to One Year and a Day for Attempted Money Laundering in Undercover Sting Operation...

Ballard Spahr LLP on 7/24/2018

Earlier this month, the District Court for the Central District of California imposed a prison sentence of one year and a day, with three years of supervised release, on defendant Theresa Lynn Tetley, who had pleaded guilty...more

Japan's FSA Clarifies Regulatory Position on Initial Coin Offerings, Warns of Risks

Jones Day on 12/12/2017

The Situation: The Financial Services Agency of Japan ("FSA") has released a statement on initial coin offerings ("ICOs"). It clarifies the regulatory position of ICOs under Japanese law and also highlights potential risks to...more

The SEC Addresses Initial Coin Offerings

Carlton Fields on 10/3/2017

On July 25, 2017, the Securities and Exchange Commission (SEC) issued a Report of Investigation pursuant to Section 21(a) of the Securities Exchange Act of 1934 (Report) and an Investor Bulletin: Initial Coin Offerings...more

33 Results

View per page

Page: of 2

Virtual Currency › Registration Requirement

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