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Virtual Currency

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... more +
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 -
Polsinelli

Blockchain+ Bi-Weekly; Highlights of the Last Two Weeks in Web3 Law: September 2024

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In the last few weeks, decisions by regulatory agencies and courts overseeing cryptocurrency disputes have dominated the Web3 legal news. This can be expected to continue, even as Congress comes back from its August break, as...more

Ballard Spahr LLP

CFPB Again Taking on Gaming Industry

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On August 28, 2024, the CFPB issued a consumer advisory warning that many video games and “virtual worlds” increasingly resemble traditional banking and payment systems that allow the storage and exchange of billions of...more

Wiley Rein LLP

Powering Sustainable Crypto: A General Counsel’s View

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In this episode of the CryptoCounsel, Josh talks with Andrey Krahmal, the Head of Legal at Peak Mining, for a deep dive into Bitcoin mining. Andrey shares insights into how Peak Mining is pioneering the industry with...more

DLA Piper

Blockchain and Digital Assets News and Trends - August 2024

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This monthly bulletin is designed to help companies identify important legal developments governing the use and acceptance of blockchain technology, smart contracts, and digital assets....more

Hogan Lovells

The Payments Newsletter including Digital Assets & Blockchain, August 2024

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Key developments of interest over the last month include: the Bank of England publishing a discussion paper on its approach to innovation in money and payments; the European Commission publishing clarifying Q&As on the...more

BakerHostetler

Weekly Blockchain Blog - August 2024 #4

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Financial Firms Announce Crypto Initiatives, Stablecoin Growth Continues - A major U.S. crypto investment company recently announced the launch of its Avalanche Trust, which “offers investors the opportunity to gain...more

Wilson Sonsini Goodrich & Rosati

Pending Changes to Anti-Money Laundering Program Requirements for MSBs and Other Financial Institutions

Money services businesses (MSBs), a category which includes money transmitters (e.g., PayPal and other payment facilitators), as well as administrators and exchangers of convertible virtual currencies (e.g., Bitcoin...more

Katten Muchin Rosenman LLP

FINRA Unveils Key Insights on Member Firms’ Digital Asset Activities

The Financial Industry Regulatory Authority (FINRA) released a comprehensive update on its insights into its member firms’ involvement in crypto asset activities, revealing significant trends and compliance challenges in the...more

Shipkevich PLLC

Vermont and Pennsylvania Embrace Virtual Currency Regulation

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In a continuing trend across U.S. states, Vermont and Pennsylvania have shown their intent to establish more oversight over the digital currency sector. New legislative amendments to Vermont’s financial services laws include...more

Awatif Mohammad Shoqi Advocates & Legal...

What are the Cryptocurrency Regulations in Dubai?

In recent years, the global economy has witnessed the popularity and adoption of cryptocurrencies, with Dubai emerging as a notable player in this digital financial landscape. As the market for virtual assets continues to...more

Polsinelli

Blockchain+ Bi-Weekly: July 2024 #2

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While the nation was preoccupied with the significant developments in the Presidential race, advocates and promoters of the blockchain ecosystem were particularly attentive to the news, given the perception that the current...more

McGlinchey Stafford

TIGTA Reports: Virtual Currency Tax Compliance Enforcement Can Be Improved

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The number of virtual currency types has added to this problem. According to TIGTA, the number of virtual currencies has grown significantly since April 2020, from 5,000 to over 26,000 (420 percent) as of July 2023. The two...more

Foodman CPAs & Advisors

Práctica IRS Divulgación Voluntaria

Los contribuyentes que intencionalmente han no han cumplido con obligaciones tributarias o relacionadas con impuestos pueden resolver su incumplimiento y limitar su exposición a un proceso penal presentando una solicitud a la...more

Foodman CPAs & Advisors

IRS Voluntary Disclosure Practice

Taxpayers that have willfully failed to comply with tax or tax-related obligations may be able to resolve their non-compliance and limit their exposure to criminal prosecution by filing an application to the IRS Voluntary...more

Morrison & Foerster LLP

All Your Sale Are Belong to Us - Mitigating IP and Payments Risk in In-Game Economies

The digital age has ushered in innovative forms of entertainment and commerce, including through the development of in-game economies. In recent years, the digital landscape of gaming has expanded beyond mere entertainment,...more

McGlinchey Stafford

New York Department of Financial Services Issues Guidance on Customer Service Requirements for Virtual Currency

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On May 30, 2024, the New York Department of Financial Services (DFS) published a press release and issued guidance to Virtual Currency Entities (VCEs) concerning the DFS’s expectations for the resolution of customer service...more

BakerHostetler

Weekly Blockchain Blog - July 2024

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Institutional Firms Enter Crypto Market; Crypto Firms Partner on New Products - According to recent reports, a major global bank is establishing a spot trading desk for buying and selling bitcoin and ether. The new desk,...more

A&O Shearman

Amendments to Luxembourg laws to implement MiCAR and TFR: key takeaways and impact on VASPs

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On 21 May 2024, a bill of law n° 8387 was introduced before the Luxembourg Parliament. Its objective is to amend several pieces of Luxembourg legislation to operationalise various European regulations, in particular...more

BakerHostetler

Weekly Blockchain Blog - June 2024 #4

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Crypto Companies Announce Licenses, Acquisitions, New Products - According to recent reports, a major Chicago-based digital asset trading desk recently obtained a BitLicense from the New York Department of Financial...more

Hogan Lovells

The Payments Newsletter including Digital Assets & Blockchain, June 2024

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Key developments of interest over the last month include: the European Banking Authority’s publication of a report on virtual IBANs; HM Treasury’s designation of banks under the access to cash framework; and a Central Bank of...more

A&O Shearman

Bit by bit: improving consumer complaint processes in crypto

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On May 30, 2024, the New York State Department of Financial Services ("NYSDFS" or the "Department") issued guidance to all virtual currency businesses licensed or chartered with the Department ("VCEs"), including those...more

White & Case LLP

The Shadow Financial System

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The concept of the shadow financial system rose to international prominence in the aftermath of the 9/11 terrorist attacks. In an interview with a Pakistani newspaper a month later, Osama bin Laden stated that Al Qaeda were...more

Mayer Brown Free Writings + Perspectives

Commissioner Comments on Tokenization

Commissioner Uyeda spoke at the Securities and Exchange Commission’s 30th Annual Institute for Securities Market Growth and Development. Commissioner Uyeda focused on the need to root out bad actors and promote transparent...more

Orrick, Herrington & Sutcliffe LLP

Connecticut amends its Money Transmission Act

On June 6, Connecticut enacted HB 5211 (the “Act”), amending laws regulating virtual currency and money transmission. The Act updated "permissible investment" to include additional forms of assets and clarified that “cash”...more

Freeman Law

IRS Issues First Draft of Cryptocurrency Reporting Form

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The IRS appears to be on the verge of changing the way digital asset (i.e., cryptocurrency) transactions are reported for federal tax purposes. On April 19, 2024, the IRS issued its first draft of Form 1099-DA, the intended...more

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