News & Analysis as of

Digital Currency FinCEN

Hudson Cook, LLP

Florida Regulator Clarifies Money Transmitter Licensing Exemptions (or lack thereof)

Hudson Cook, LLP on

Among the many state licenses that can impact financial services companies, money transmitter licensing can be among the harder to figure out. In addition to uncertainties about digital currency and developing technologies,...more

Troutman Pepper

FinCEN to Shed Light on Illicit Use of Virtual Currency Mixing Through Enhanced Record Keeping and Reporting Requirements

Troutman Pepper on

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recently announced a Notice of Proposed Rulemaking (NPRM) that identifies international convertible virtual currency mixing as a class of...more

Ballard Spahr LLP

Kraken Settlement Demonstrates Importance of Sanctions Monitoring for Transactions — Not Just When Onboarding Customers

Ballard Spahr LLP on

The Office of Foreign Assets Control (“OFAC”) announced (here and here) yesterday that virtual currency exchange Payward, Inc. – better known as Kraken – has agreed to pay $362,158.70 in order to settle its potential civil...more

Harris Beach PLLC

Potential BSA/AML Roadmap – Crypto Exchange Bittrex Enforcement Actions

Harris Beach PLLC on

The U.S. Treasury Department’s Financial Crimes Enforcement Network (“FinCEN”) and Office of Foreign Assets Control (“OFAC”) settled enforcement actions with Washington state-based Bittrex. In the two settlements, Bittrex...more

BakerHostetler

Crypto Products Launch; FSB, OECD Address Crypto Regulation and Tax; US Exchange Fined $24M; DOJ and SEC Actions Continue; Major...

BakerHostetler on

New Crypto Products Launch in Custody, Cloud Collaborations and Stablecoins - This week, a major U.S. financial institution announced that its Digital Asset Custody platform is now live in the United States. According to...more

McGlinchey Stafford

Cryptocurrency’s impact on BSA/AML and Sanctions programs

McGlinchey Stafford on

The market for digital assets has exploded in recent years. Digital and virtual currency activities provide great opportunities financially and technologically. However, such currencies can be utilized for illicit activity...more

BakerHostetler

Crypto Products and Mining Initiatives Launch; Sports and Spirits Firms Embrace Blockchain; US Agencies Seek Crypto Input, Address...

BakerHostetler on

A well-known digital currency investment services company announced the launch of its first European exchange-traded fund (ETF), according to a press release this week. The ETF, which will be traded on multiple foreign...more

Ballard Spahr LLP

OFAC Designates “Hydra” –  the Largest Darknet Market – and Third Russian Virtual Currency Exchange

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On April 5, 2022 the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced sanctions against “the world’s largest and most prominent darknet market, Hydra Market” and Garantex, a virtual...more

BakerHostetler

[Podcast] Blockchain University: Relationship Drama: Cryptocurrencies, Blockchain and the Law

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Our fifth episode provides an overview of the key legal issues facing cryptocurrencies and blockchain in the U.S....more

Kramer Levin Naftalis & Frankel LLP

FinCEN Warns of Russian Sanctions Evasion Attempts and Provides Guidance for Increased Vigilance

On March 7, 2022, the Financial Crimes Enforcement Network (FinCEN) of the Treasury Department published guidance on increased vigilance for potential Russian sanctions evasion attempts. The FinCEN Alert follows the...more

BakerHostetler

$3.6 Billion Reasons to Up Cryptocurrency Compliance: FBI Cracking Down on Crypto Criminals

BakerHostetler on

Key Takeaways - ..Banks and cryptocurrency exchanges need to update their BSA programs to account for the unique aspects of cryptocurrencies, detect and report related suspicious activity, and minimize the risk of...more

Ballard Spahr LLP

A Record $3.6 Billion Seizure and the Twisting Paths of Money Laundering in the Digital World

Ballard Spahr LLP on

On February 8, 2022, the Department of Justice announced the seizure of a record $3.6 billion in stolen BTC it alleges was tied to the 2016 hack of Bitfinex, a virtual currency exchange. A husband-wife duo, Ilya “Dutch”...more

Nutter McClennen & Fish LLP

Nutter Bank Report: January 2022

Federal Reserve Considers Merits of Creating a U.S. Dollar Digital Currency The Federal Reserve has published a discussion paper that examines the pros and cons associated with the creation of a U.S. central bank digital...more

Skadden, Arps, Slate, Meagher & Flom LLP

US Treasury Provides Detailed Guidance for the Virtual Currency Industry on Sanctions Compliance

On October 15, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued detailed guidance to the virtual currency industry, putting virtual currency companies on notice of the ways OFAC...more

Proskauer - Blockchain and the Law

Treasury Department Steps Up Its Counter-Ransomware Efforts and Simultaneously Issues New Sanctions Compliance Guidance for...

Recently, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department, released a report on ransomware trends stating that during the first half of 2021, 68 different ransomware variants...more

Skadden, Arps, Slate, Meagher & Flom LLP

Cryptocurrency Regulation and Enforcement at the US Federal and State Levels

In recent months, the increased focus on cryptocurrency regulation and enforcement at both the federal and state levels demonstrates the digital currency’s place as an established component of the financial landscape. At the...more

BakerHostetler

[Podcast] Everything You Need to Know About NFTs in 10 Minutes or Less

BakerHostetler on

Rob Musiala, a Counsel in the Digital Assets and Data Management group and the co-leader of our Blockchain Technologies and Digital Currencies team, breaks down everything you need to know about NFTs, all in 10 minutes or...more

Ballard Spahr LLP

FinCEN Appoints “First-Ever Chief Digital Currency Advisor”

Ballard Spahr LLP on

Today, the Financial Crimes Enforcement Network (“FinCEN”) issued a press release, announcing leadership additions to FinCEN. This post merely repeats that press release, without further comment or analysis — other than to...more

BakerHostetler

Crypto Investment and Payment Products Launch, BiTA Platform Announced, SEC and OFAC Take Crypto Enforcement Actions, FCA Extends...

BakerHostetler on

Crypto Investment and Payments Products Launch, Payment Data Published - Last week Securitize announced the launch of Securitize Capital, which will serve as an investment manager of digital asset funds for institutional and...more

Ballard Spahr LLP

As Treasury Eyes Crypto in Tax Compliance Agenda, Reporting Obligations May Increase – Including a Crypto “Form 8300” for...

Ballard Spahr LLP on

Treasury Offers Something for Everyone to Comply With: Trades and Businesses, Banks, Crypto Exchangers and Individuals - On May 21, 2021, the U.S. Department of Treasury (“Treasury”) released its American Families Plan Tax...more

Skadden, Arps, Slate, Meagher & Flom LLP

Regulating Blockchain

The first 100 days of the Biden administration has coincided with a watershed period in the evolution of blockchain technology and cryptocurrencies. The price of Bitcoin has risen dramatically during that period, triggering...more

Carlton Fields

State Regulations on Virtual Currency and Blockchain Technologies (Updated March 2021)

Carlton Fields on

Introduction: 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 proprietors, often the first...more

BakerHostetler

Financial Firms Launch New Crypto Products, NFTs Trending, Crypto Exchange Acquires Broker-Dealer, SEC, DOJ, IRS and CFTC Actions...

BakerHostetler on

US Institutional Financial Firms, and Fintech Startups, Launch Crypto Products - A major U.S. financial services corporation announced this week that it would begin to settle transactions over the Ethereum Network in USD Coin...more

Nelson Mullins Riley & Scarborough LLP

Talking Custody of Digital Assets

I had the pleasure of presenting at Bank Director Magazine's Inspired By Acquire or Be Acquired: What Officers and Directors Need to Know Now virtual conference, along with Rick Levin, earlier this month. Our...more

Orrick - On the Chain

The Next Step: FinCEN Proposes to Require Reporting of Cryptocurrency Positions Held in Foreign Accounts

Orrick - On the Chain on

FinCEN recently took another important step toward bringing virtual currency into the financial assets reporting scheme....more

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