News & Analysis as of

Digital Currency New Guidance

Ankura

Navigating the New Digital Currency Guidelines in Hawaii: Opportunities for Fintech Innovation

Ankura on

The recent issuance of guidance regarding digital currency activities in Hawaii marks a significant milestone for Fintech companies and startups operating in or considering expansion into the Aloha State. Effective July 1,...more

Cadwalader, Wickersham & Taft LLP

IRS Says Crypto Protocol Changes Are Not Taxable

On April 21, 2023, the IRS released Chief Counsel Advice Memorandum 202316008 (the “CCA”), which provides that cryptocurrency protocol changes are not treated as realization events and do not give rise to gross income for...more

Stikeman Elliott LLP

Blockchain & Cryptocurrency Regulation: Canada

Stikeman Elliott LLP on

Government attitude and definition - As in many countries, the regulation of cryptocurrencies in Canada is divided among various levels of government and administrative agencies, depending on the nature of the activity...more

Seward & Kissel LLP

FDIC Adopts Rule Prohibiting Misleading Statements About FDIC Insurance that Impacts a Broad Range of Deposit Placement...

Seward & Kissel LLP on

Introduction - On May 17, 2022, the Board of Directors of the Federal Deposit Insurance Corporation (“FDIC”) adopted a final rule (“Rule”) setting forth its procedures for investigating and enforcing false advertising,...more

Proskauer - Blockchain and the Law

New York Financial Regulator Publishes Stablecoin Guidance

There have been a number of developments swirling around stablecoins in the past month, including, earlier this week, the recent introduction in the U.S. Senate of a bill (the “Responsible Financial Innovation Act”) that...more

Latham & Watkins LLP

Singapore: MAS Issues Guidelines on Promoting Digital Payment Token Services

Latham & Watkins LLP on

The guidelines set out the MAS’ expectation that digital payment token service providers should not promote their services to the general public in Singapore. On 17 January 2022, the Monetary Authority of Singapore (the...more

Sheppard Mullin Richter & Hampton LLP

Sanctions Compliance for Crypto: OFAC Issues Guidance Targeting Virtual Currency Industry

Last Friday, the Office of Foreign Assets Control (OFAC) published more targeted guidance for digital asset companies related to compliance with sanctions and best practices for mitigating risks. This guide comes on the heels...more

Fenwick & West LLP

Guidance for the Virtual Currency Industry; 2021 Sanctions Review Shows Increasing Focus on Digital Transactions

Fenwick & West LLP on

On October 15, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued tailored sanctions compliance guidance for those operating in the virtual currency industry, including technology...more

Perkins Coie

OFAC Releases New Detailed Guidance for the Digital Currency Industry

Perkins Coie on

On October 15, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) released guidance on sanctions compliance for the digital currency industry, the agency’s most detailed guidance to date on...more

McDermott Will & Emery

IRS Releases Guidance on Cryptocurrency Hard Forks

On April 9, 2021, the Internal Revenue Service (IRS) released Chief Counsel Advice memo 202114020 (Hard Fork CCA), which details the potential tax consequences for taxpayers who held Bitcoin prior to the August 1, 2017,...more

Perkins Coie

Digital Asset SEC Timeline - Update April 2021

Perkins Coie on

The Digital Asset SEC Timeline serves as an interactive compilation of select SEC guidance, enforcement actions, and speeches relating to the application of the federal securities laws to digital assets. Beginning with the...more

Perkins Coie

Part 2: CFTC Finalizes Guidance on Digital Assets in the Context of Retail Commodity Transactions

Perkins Coie on

The Regulation of Retail Commodity Transactions—History and Background - On March 24, 2020, the U.S. Commodity Futures Trading Commission (the Commission or the CFTC) finalized long-awaited interpretive guidance regarding...more

Perkins Coie

CFTC Finalizes Guidance on Digital Assets in the Context of Retail Commodity Transactions

Perkins Coie on

On March 24, 2020, the U.S. Commodity Futures Trading Commission (the Commission or the CFTC) finalized long-awaited interpretive guidance regarding what constitutes the “actual delivery” of a digital asset in the context of...more

Kramer Levin Naftalis & Frankel LLP

Virtual Currency

On Oct. 9, 2019, the Internal Revenue Service (the “Service”) issued Revenue Ruling 2019-24 concerning the tax consequences of virtual currency hard forks, as well as FAQs on the taxation of virtual currency generally. This...more

Orrick - On the Chain

FinCEN’s New Guidance for Cryptocurrency Businesses – Some Questions Answered, Some New Questions Raised, Careful Consideration a...

Orrick - On the Chain on

Last month, the Financial Crimes Enforcement Network (FinCEN) released new guidance to clarify when the Bank Secrecy Act (BSA) will apply to businesses that involve cryptocurrencies (what FinCEN refers to as convertible...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

WilmerHale

OFAC Identifies Digital Currency Addresses in Sanctions Designations and Provides FAQs on Digital Currency Compliance

WilmerHale on

On November 28, the Treasury Department sanctioned two Iran-based individuals for exchanging bitcoin into Iranian rials on behalf of malicious cyber actors involved in the SamSam ransomware scheme. Notably, this action marks...more

Akin Gump Strauss Hauer & Feld LLP

SEC Division Director Provides Long-Awaited Guidance on Initial Coin Offerings

On Thursday, U.S. Securities and Exchange Commission (SEC) Director of Corporate Finance William Hinman provided some long-desired clarity on the SEC’s approach to cryptocurrency regulation, announcing during Yahoo Finance’s...more

BCLP

Initial Coin Offerings (ICOs) May Be Subject to SEC Registration Requirements

BCLP on

Initial Coin Offerings (ICOs) and other digital currency financing events have enjoyed explosive growth in 2017, with hundreds of millions of dollars invested with little to no regulation or government oversight. That era...more

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