News & Analysis as of October 23, 2024

Virtual Currency

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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 -

Weekly Blockchain Blog - October 2024 #3

BakerHostetler on 10/21/2024

Crypto Companies Announce New Stablecoin Products and Partnerships - In recent press releases, U.S. crypto companies Paxos and Ripple announced new stablecoin products and partnerships. Paxos announced the launch of a new...more

Stablecoins in the Cayman Islands

Conyers on 10/17/2024

The evolution of the cryptocurrency landscape has led to the development and rapid adoption of stablecoins globally. A stablecoin, as the name suggests, is essentially a virtual asset that is designed to maintain a stable...more

A guide to blockchain and cryptocurrency regulation 2024: British Virgin Islands (GLI chapter)

Carey Olsen on 10/10/2024

Chris Duncan and Katrina Lindsay have authored the British Virgin Islands (BVI) chapter of Global Legal Insight's sixth edition guide to blockchain and cryptocurrency regulation. The chapter covers the BVI legal requirements...more

Russia/Ukraine Sanctions Update - Month of September

Mayer Brown on 10/3/2024

I. US SANCTIONS - U.S. Department of the Treasury Acts Against Russian Virtual Currency Exchanges: On September 26, the U.S. Department of the Treasury announced that its Financial Crimes Enforcement Network issued an...more

The Importance of Sound Corporate Governance for Virtual Asset Service Providers: Lessons from Past Failures

Conyers on 10/3/2024

In recent years, the virtual asset industry has experienced exponential growth, bringing about innovations in digital payments, tokenisation and decentralised finance (Defi). While highly innovative, the volatile nature of...more

The Consumer Financial Protection Bureau vs. the Video Game Industry

Saul Ewing LLP on 9/30/2024

In this episode of “Lawyers With Game,” host Darius Gambino from Saul Ewing’s Video Gaming & Esports Practice chats with partner Jason McElroy from Saul’s Consumer Financial Services Litigation practice. They discuss a recent...more

Blockchain and Digital Assets News and Trends - September 2024

DLA Piper on 9/27/2024

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

FinCEN Officially Withdraws Know-Your-Customer Rule for Non-Custodial Crypto Wallets

Troutman Pepper on 9/27/2024

On August 19, the U.S. Treasury Department officially withdrew a contentious proposal from 2020 that aimed to impose know-your-customer requirements on non-custodial cryptocurrency wallets....more

The Payments Newsletter including Digital Assets & Blockchain, September 2024

Hogan Lovells on 9/25/2024

Key developments of interest over the last month include: the UK Payment Systems Regulator publishing a policy statement on directing APP scams reimbursement for CHAPS payments and final guidance on distinguishing between APP...more

CFPB Report Highlights Challenges Facing Servicemembers and Veterans, Including Student Loans and Money Transfer/Virtual Currency...

Troutman Pepper on 9/25/2024

Yesterday, the Consumer Financial Protection Bureau (CFPB or Burau) released its annual report detailing the financial challenges faced by servicemembers, veterans, and military families. In 2023, this group submitted nearly...more

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

Polsinelli on 9/13/2024

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

CFPB Again Taking on Gaming Industry

Ballard Spahr LLP on 9/5/2024

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

Powering Sustainable Crypto: A General Counsel’s View

Wiley Rein LLP on 9/5/2024

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

Blockchain and Digital Assets News and Trends - August 2024

DLA Piper on 9/3/2024

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

The Payments Newsletter including Digital Assets & Blockchain, August 2024

Hogan Lovells on 8/30/2024

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

Weekly Blockchain Blog - August 2024 #4

BakerHostetler on 8/26/2024

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

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

Wilson Sonsini Goodrich & Rosati on 8/20/2024

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

FINRA Unveils Key Insights on Member Firms’ Digital Asset Activities

Katten Muchin Rosenman LLP on 8/16/2024

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

Vermont and Pennsylvania Embrace Virtual Currency Regulation

Shipkevich PLLC on 7/31/2024

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

What are the Cryptocurrency Regulations in Dubai?

Awatif Mohammad Shoqi Advocates & Legal... on 7/29/2024

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

Blockchain+ Bi-Weekly: July 2024 #2

Polsinelli on 7/25/2024

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

TIGTA Reports: Virtual Currency Tax Compliance Enforcement Can Be Improved

McGlinchey Stafford on 7/19/2024

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

Práctica IRS Divulgación Voluntaria

Foodman CPAs & Advisors on 7/15/2024

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

IRS Voluntary Disclosure Practice

Foodman CPAs & Advisors on 7/15/2024

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

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

Morrison & Foerster LLP on 7/10/2024

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

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Virtual Currency

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