Jones Day Presents: State Regulations and Blockchain
The government will enact the new legislation to bring issuers of fiat-referencing stablecoins into the regulatory perimeter. On 17 July 2024, the Financial Services and the Treasury Bureau and the Hong Kong Monetary...more
In Short - The Situation: Regulatory "sandboxes" are trending. They represent a unique approach to regulation that permits selected companies to test and experiment with new and innovative products and services....more
At over $30 billion USD in transactions a year, the United States-Mexico remittance corridor is one of the largest in the world. The rapid development of cryptocurrencies has enabled cross-border transactions at just a...more
The US agency has used a no-action letter to enable a sandbox-like approach to blockchain-based trade settlements. In what may be the first regulator-approved application of blockchain technology for the settlement of US...more
In its continued effort to establish itself as the go-to jurisdiction for digital asset businesses, Wyoming, through its Department of Audit, Division of Banking, recently published a digital asset custody regime for its...more
Utah’s governor recently signed into law H.B. 378, which created a sandbox program for companies providing “innovative financial products or services” in the state. The program, run by Utah’s Department of Commerce, requires...more
As fintech and blockchain transactions continue to grow in popularity, they are receiving increased attention at the state level, whether through fintech sandboxes, crypto-friendly legislation, or other initiatives aimed to...more
Utah Governor Gary Herbert signed H.B. 378, Regulatory Sandbox, into law on March 25, 2019. This bill created the nation’s third regulatory sandbox program for fintechs, after Arizona, which enacted sandbox legislation in...more
Jones Day's Margaret Lyle discusses the approach various state legislatures are taking with respect to blockchain, which is to support the technology and foster entrepreneurship. She also describes how states are dealing with...more
With crypto-currencies on the rise and technological developments providing great opportunities in the financial services sector, Initial Coin Offerings ("ICO") provide an innovative way of raising capital. They are...more
According to a recent study published by PricewaterhouseCoopers (“PwC”), regulatory uncertainty is the biggest barriers to wider business adoption of blockchain technology. Given this problem, it should not be surprising that...more
In an effort to promote the development of new financial technology (fintech) products, Mick Mulvaney, acting director of the Consumer Financial Protection Bureau (CFPB), announced last week the creation of the Office of...more
On July 18, 2018, the Bureau of Consumer Financial Protection (the “Bureau”) ( announced the appointment of the head of its newly-created Office of Innovation,1 which will have as its first order of business the creation of a...more
The European Commission has issued a Communication on FinTech to the European Parliament, the European Council, the European Central Bank, the European Economic and Social Committee and the Committee of the Regions....more