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BitLicense

Ballard Spahr LLP

Update: Government Enforcement in the Cryptocurrency Space

by Ballard Spahr LLP on

First Post in a Two-Part Series - Recent actions in the crypto realm demonstrate that authorities and regulators have not slackened their commitment to applying and enforcing Anti-Money Laundering (“AML”) laws and...more

Katten Muchin Rosenman LLP

Bridging the Week - April 2019 #4

by Katten Muchin Rosenman LLP on

New York regulators continued an aggressive approach against certain entities engaged in virtual currency businesses when the state's Attorney General’s office obtained an ex parte order precluding companies associated with a...more

Jones Day

NYDFS Rejects Cryptocurrency Exchange License Applications, Citing Compliance Program Flaws

by Jones Day on

The Situation: For the first time, the New York State Department of Financial Services ("NYDFS") publicly announced that it had denied a cryptocurrency exchange's applications for virtual currency and money transmission...more

Orrick - On the Chain

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

by Orrick - On the Chain on

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

Dechert LLP

Financial Services Quarterly Report - First Quarter 2019: A U.S. Regulatory Patchwork Quilt: Cryptocurrency and Money Transmitter...

by Dechert LLP on

According to its original design, Bitcoin was intended to reduce market participants’ need to rely on “financial institutions serving as trusted third parties to process electronic payments.”1 While Bitcoin and other...more

Katten Muchin Rosenman LLP

Bridging the Week - April 2019 #2

by Katten Muchin Rosenman LLP on

The New York State Department of Financial Services cancelled the temporary authority of a major cryptocurrency exchange to operate in New York, saying its failure to meet anti-money laundering, AML compliance officer quality...more

Proskauer - Blockchain and the Law

New York Grants BitLicenses to Robinhood Crypto and LibertyX

On January 24, 2019 the New York Department of Financial Services (the “DFS”) announced that it had granted BitLicenses to Robinhood Crypto, LLC and Moon Inc. (d/b/a LibertyX). These are the fifteenth and sixteenth...more

Proskauer - Blockchain and the Law

New York Approves Nationwide Licensing Tool for Virtual Currency Business Activity Companies

New York State has taken measures this year to modernize its approach to regulation for blockchain-based companies. Even before Assembly Bill A8783B established a government task force to study the effects of blockchain and...more

Carlton Fields

State Regulations on Virtual Currency and Blockchain Technologies (Updated)

by Carlton Fields on

There exists no uniformity with respect to how businesses that deal in virtual currencies (also known as "cryptocurrencies") such as Bitcoin are treated among the states....more

Robinson+Cole Data Privacy + Security Insider

New York AG Warns Investors of Risks of Trading on Cryptocurrency Exchanges

As part of its Virtual Markets Integrity Initiative, on September 18, 2018, the New York Attorney General’s Office issued a report reviewing the platforms of various cryptocurrency exchanges. ...more

Proskauer - Blockchain and the Law

New York State Department of Financial Services Eases Backlog and Approves More BitLicense Applications

On June 14, 2018, the New York State Department of Financial Services (the “DFS”) announced that the agency granted a virtual currency license (or “BitLicense”) to bitcoin wallet and vault provider Xapo, Inc., and authorized...more

Michael Volkov

The NYAG’s Virtual Markets Integrity Initiative and Transparency of Cryptocurrency Exchanges

by Michael Volkov on

Recently, New York Attorney General Eric T. Schneiderman launched the state’s Virtual Markets Integrity Initiative in order to garner more information and gain insight into the inner workings of cryptocurrency exchanges. ...more

Sheppard Mullin Richter & Hampton LLP

New York’s AG Enters the Cryptocurrency Ring as Federal, State Authorities Find Regulatory Footing

On April 17, 2018, the New York State Attorney General (“NYAG”) sent a “Virtual Markets Integrity Initiative Questionnaire” to 13 companies operating virtual currency trading platforms. The questionnaire consists of 34...more

Goodwin

New York Department of Financial Services Issues Crypto Guidance; Outlines Enhanced Reporting Requirements

by Goodwin on

On February 7, 2018, the New York State Department of Financial Services (NY DFS) issued guidance to all virtual currency businesses that maintain a “BitLicense” or that are chartered as a limited purpose trust company under...more

Skadden, Arps, Slate, Meagher & Flom LLP

Rise of Blockchain and ICOs Brings Regulatory Scrutiny

In 2017, the increased adoption of blockchain technology in various industries was partially obscured by the dramatic fluctuations in the price of bitcoins and the prevalence of so-called initial coin offerings (ICOs) to...more

Thompson Coburn LLP

California takes another run at regulating virtual currencies

by Thompson Coburn LLP on

Few topics have been more heavily debated in the past year than the validity, value and overall outlook of Bitcoin and other cryptocurrencies. Although Bitcoin and other emerging virtual currencies have been around for years...more

Ballard Spahr LLP

Beyond Best Practices: Regulatory Compliance Now a Necessity in the Cryptocurrency Sector

by Ballard Spahr LLP on

As the value of bitcoin continues to soar (USD:BTC this past weekend exceeded $19,000.00:1), we thought that now would be a good time to emphasize the need to ensure regulatory compliance with the many federal and state AML...more

Orrick - Structured Finance Group

DFS Grants Virtual Currency License To bitFlyer USA, Inc.

On November 28, 2017, the New York State Department of Financial Services (“DFS“) announced that it has approved the application of bitFlyer USA, Inc., for a virtual currency license.” Pursuant to this license bitFlyer USA...more

Carlton Fields

State Regulations On Virtual Currency And Blockchain Technologies

by Carlton Fields on

As of this inaugural publication, there exists no uniformity with respect to how businesses that deal in virtual currencies (also known as “cryptocurrencies”) such as Bitcoin are treated among the states. For these...more

Perkins Coie

Fintech Week in Review – October 2017

by Perkins Coie on

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

Perkins Coie

Blockchain and the Law - Overview of token sales and bitcoin property rights

by Perkins Coie on

On March 29, 2017, Perkins Coie partner Dax Hansen and associate Josh Boehm were invited to the Cyber Initiative at Stanford Law School to deliver a presentation on several cutting-edge legal issues relating to blockchain...more

Perkins Coie

Treatment of Bitcoin Under U.S. Property Law

by Perkins Coie on

In this white paper, we analyze the treatment of bitcoin under applicable U.S. property law. We conclude that property interests should exist in bitcoin under such law, and that multiple sources of persuasive authority...more

Poyner Spruill LLP

New Regulatory Developments in Blockchain Finance

by Poyner Spruill LLP on

Blockchain technology combines several features of existing financial infrastructure. It is partly a mass repository of historical transactions, partly a decentralized clearinghouse, and partly a digital currency. It is also...more

Ballard Spahr LLP

Coinbase the Latest to Obtain New York BitLicense

by Ballard Spahr LLP on

The New York State Department of Financial Services (“DFS”) has issued its fifth BitLicense to date, continuing a marked effort to bring legitimacy and controls to the virtual currency (“VC”) industry, whose advantages in...more

JD Supra Perspectives

Bitcoin: Cybersecurity Regulations on the Horizon?

by JD Supra Perspectives on

As legislators grapple with creating legislation intended to bring virtual currencies, such as bitcoin, within the scope of anti-money laundering regulations, the vulnerability of Bitcoin exchanges to theft and other cyber...more

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