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Virtual Currency › Bitcoin › Banking Sector

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 -
Robinson+Cole Data Privacy + Security Insider

Privacy Tip #337 - FBI Issues Warning About Cryptocurrency Apps

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On July 18, 2022, the FBI issued an Alert advising consumers that fraudulent cryptocurrency apps have caused more than 244 victims to lose nearly $43 million. The fraudulent apps that cyber criminals used to steal funds...more

BakerHostetler

Executive Order Addresses Digital Assets; Banks and Restaurants Launch Crypto Initiatives; FinCEN Issues Alert; SEC, CFTC and DOJ...

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This week, President Joe Biden signed “Executive Order on Ensuring Responsible Development of Digital Assets” (EO). According to a fact sheet published with the EO, the EO calls for measures to accomplish the following...more

The Volkov Law Group

The New York Attorney General’s Office Reaches Settlement with Bitfinex and Tether

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In late February, the New York Attorney General’s office (“NYAG”) settled with Bitfinex and Tether stemming from charges relating to financial mismanagement.  The NYAG alleged that Bitfinex and Tether attempted to cover up...more

BakerHostetler

Crypto Financial Products Announced, MIT Seeks to Improve Bitcoin Codebase, SEC Addresses Digital Assets, DeFi Hacks Continue,...

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Crypto Firms Launch New Services, MIT Seeks to Improve Bitcoin Codebase - A San Francisco-based cryptocurrency custody firm successfully completed an $80 million funding round, following its recent procurement of a federal...more

Nelson Mullins Riley & Scarborough LLP

Talking Custody of Digital Assets

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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

BakerHostetler

Major U.S. Firm Offers Cryptocurrency Services, Blockchain Solutions Launch Across Industries, CFTC Issues Crypto Guidance, FinCEN...

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Major U.S. Payments Firm Launches Cryptocurrency Service as Adoption Grows - This week a major U.S. Internet payments firm announced the launch of “a new service enabling its customers to buy, hold and sell cryptocurrency...more

Akin Gump Strauss Hauer & Feld LLP

Developments in Cryptocurrency in 2018

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• The U.S. Securities and Exchange Commission (SEC) staff made official statements regarding when a token may or may no longer be a security • The SEC continued to bring actions related to cryptocurrency offerings against...more

Orrick, Herrington & Sutcliffe LLP

New EU and UK Anti-Money Laundering Rules: The Fifth AML Directive Extends to Cryptocurrencies

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The Fifth Anti-Money Laundering Directive (MLD5) entered into force in July 2018. MLD5 updates the legal framework under the Fourth Anti-Money Laundering Directive (MLD4) and must be implemented by the EU member states by...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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The SEC has taken its first enforcement action against a hedge fund over its cryptocurrency investments—namely, falsely holding itself out as the “first regulated fund in the U.S. focused on crypto assets.” It also targeted a...more

Foodman CPAs & Advisors

What is a Virtual Currency Taxable event?

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There continues to be limited Virtual Currency (VC) guidance from the US Treasury and the IRS and VC investors ought to proceed cautiously. IRS continues to make reference to Notice 2014-21 to remind Taxpayers that VC...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - July 2018 #4

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The Federal Energy Regulatory Commission (FERC) announced on July 19, 2018, that it is directing the North American Electric Reliability Corporation (NERC) “to develop and submit modifications to the NERC Reliability...more

Foodman CPAs & Advisors

El IRS está pendiente al Cripto

Foodman CPAs & Advisors on

El Jefe de Investigación Criminal del IRS, Don Fort, declaró recientemente: "Es posible utilizar Bitcoin y otras Criptomonedas de la misma manera que las cuentas bancarias extranjeras para facilitar la evasión de impuestos"....more

Foodman CPAs & Advisors

¿Quién monitorea los “wallets” de las Monedas Virtuales?

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Los inversionistas de la Moneda Virtual (MV) utilizan los servicios de plataformas en línea "seguros" para comprar, vender, transferir y almacenar la MV. Los proveedores de estos servicios se conocen como “wallets,...more

Hogan Lovells

Tax on cryptocurrency transactions: SARS should come to the aid of taxpayers

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The South African Revenue Service (SARS) recently released a media statement indicating that “normal income tax rules” apply to cryptocurrency transactions. ...more

Holland & Knight LLP

Global Regulatory Update for Cryptocurrency and Initial Coin Offerings

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• The rapid proliferation of technological advancements in global financial markets has caused regulators in several countries to increase their scrutiny of investments in, and implications of, cryptocurrencies. • This...more

The Volkov Law Group

Cryptocurrencies, Blockchain and Ponzi Schemes

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When you read and learn about cryptocurrencies (e.g. Bitcoin, Ripple, Ethereum), there are some commentators, politicians and others who characterize cryptocurrencies as a “Ponzi” scheme....more

Ballard Spahr LLP

Global Regulators to Maintain AML Pressure on the Cryptocurrency Industry

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On February 23, the Financial Action Task Force (“FATF”) signaled that the inter-governmental body “will step up its efforts in monitoring the use of cryptocurrencies in money laundering.” ...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - February 2018 #4

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U.S. Estimates that Cyber Hacks Cost Up to $109 Billion in 20 - The Council for Economic Advisors (CEA) issued a report this month, entitled “The Cost of Malicious Cyber Activity to the U.S. Economy,” which concludes that...more

Robinson+Cole Data Privacy + Security Insider

HaoBao Malware Hitting Banks Scans for Bitcoin Activity

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Lazarus, the well-known hacking group responsible for the WannaCry ransomware attack from last year, as well as the attack on the Bangladesh Central Bank and Sony, is now targeting global financial firms and Bitcoin adopters...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - February 2018 #3

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As of February 15, 2018, banks, insurance companies, and other financial services institutions and licensees regulated by the New York Department of Financial Services (DFS) are required to file their first certification of...more

Ballard Spahr LLP

AML/BSA Focus by U.S. Senate Committee Testimony – From Beneficial Ownership to Cryptocurrency

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This week, the U.S. Senate Committee on the Judiciary and the U.S. Senate Committee on Banking, Housing and Urban Affairs held hearings focused in part on Anti-Money Laundering (“AML”) and the Bank Secrecy Act (“BSA”)....more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Markets proved that last Friday’s 600-point Dow drop wasn’t an isolated incident, as all major US indices were down nearly 4% (at least) in a nasty Monday of trading....more

Robins Kaplan LLP

Your Daily Dose of Financial News

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US regulators have given passing grades to the living wills for all 8 major US banks, a reversal from the April 2016 determination that 5 of the 8 had deficiencies in their bailout-prevention plans....more

Robins Kaplan LLP

Your Daily Dose of Financial News

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European authorities have opened an investigation into Inter Ikea, one of the Swiss retail giant’s two primary divisions based in the Netherlands, over “concerns that it may have been given unfair tax advantages”....more

Robins Kaplan LLP

Your Daily Dose of Financial News

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As retailers do all they can to fight the e-commerce wave, some bricks-and-mortar shops are experimenting with a rather counterintuitive strategy: smaller spaces and a showroom-style approach....more

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