News & Analysis as of September 20, 2024

BitLicense

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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 -

NYDFS to impose supervision fees on virtual currency licensees

Orrick, Herrington & Sutcliffe LLP on 4/20/2023

On April 17, NYDFS announced the adoption of a final regulation establishing how certain licensed virtual currency businesses will be assessed for supervision and examination costs. Under 23 NYCRR Part 102, licensed virtual...more

The Distributed Ledger: Blockchain, Digital Assets and Smart Contracts - July 2020

Skadden, Arps, Slate, Meagher & Flom LLP on 8/4/2020

In this issue, we discuss the new initiatives under New York's BitLicense regime that clarify and streamline the regulatory landscape for virtual currency entities doing business within the state. We also examine the...more

New York Proposes Conditional BitLicense Framework

Proskauer - Blockchain and the Law on 7/20/2020

The New York State Department of Financial Services (the “NYDFS”), as a part of a series of virtual currency initiatives, proposed in June a framework for applying for and obtaining a virtual currency Conditional BitLicense....more

State Regulations on Virtual Currency and Blockchain Technologies (Updated July 2020)

Carlton Fields on 7/15/2020

There exists no uniformity with respect to how businesses that deal in virtual currencies (also known as "cryptocurrencies") such as Bitcoin are treated among the states. For these proprietors, often the first question asked...more

Blockchain Week in Review - June 2020 #2

Perkins Coie on 7/6/2020

US Regulatory Developments - New York’s Financial Services Regulator Announces New Virtual Currency Initiatives - It has been five years since the New York Department of Financial Services (the NYDFS) issued the...more

DFS proposes new framework for virtual currency regulations

Eversheds Sutherland (US) LLP on 7/1/2020

New York State’s Department of Financial Services (DFS) has released a Request for Comments on a Proposed Framework for a Conditional BitLicense (Request for Comments) that DFS says will make it easier for start-ups to enter...more

New York Looks Like it Might Loosen Up on Its Virtual Currency Regulation

Orrick - On the Chain on 6/30/2020

On June 25, the New York State Department of Financial Services (NYDFS) published a “Conditional BitLicense” proposal for reforming its licensing framework that would make it easier for virtual currency businesses to obtain...more

Bridging The Week - December 2019 #2

Katten Muchin Rosenman LLP on 12/17/2019

The New York State Department of Financial Services proposed a self-certification regime for the approval of new digital coins by licensed virtual currency firms similar to the process applied by the Commodity Futures Trading...more

New York Proposed Guidance on Virtual Currencies

Sullivan & Worcester on 12/13/2019

On December 11, 2019, the New York State Department of Financial Services ("DFS") issued two proposed changes to the regime that is in place in New York for the regulation and licensing of virtual currency ("VC") businesses....more

Wyoming, the “Equality State,” Seeks to Level the Playing Field for Digital Assets Businesses

Orrick - On the Chain on 12/4/2019

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

Bridging the Week - April 2019 #4

Katten Muchin Rosenman LLP on 4/30/2019

New York regulators continued an aggressive approach against certain entities engaged in virtual currency businesses when the state's Attorney General’s office obtained an ex parte order precluding companies associated with a...more

Financial Services Quarterly Report - First Quarter 2019: A U.S. Regulatory Patchwork Quilt: Cryptocurrency and Money Transmitter...

Dechert LLP on 4/18/2019

According to its original design, Bitcoin was intended to reduce market participants’ need to rely on “financial institutions serving as trusted third parties to process electronic payments.”1 While Bitcoin and other...more

New York Grants BitLicenses to Robinhood Crypto and LibertyX

Proskauer - Blockchain and the Law on 2/4/2019

On January 24, 2019 the New York Department of Financial Services (the “DFS”) announced that it had granted BitLicenses to Robinhood Crypto, LLC and Moon Inc. (d/b/a LibertyX). These are the fifteenth and sixteenth...more

State Regulations on Virtual Currency and Blockchain Technologies (Updated)

Carlton Fields on 1/9/2019

There exists no uniformity with respect to how businesses that deal in virtual currencies (also known as "cryptocurrencies") such as Bitcoin are treated among the states....more

New York AG Warns Investors of Risks of Trading on Cryptocurrency Exchanges

Robinson+Cole Data Privacy + Security Insider on 10/2/2018

As part of its Virtual Markets Integrity Initiative, on September 18, 2018, the New York Attorney General’s Office issued a report reviewing the platforms of various cryptocurrency exchanges. ...more

New York State Department of Financial Services Eases Backlog and Approves More BitLicense Applications

Proskauer - Blockchain and the Law on 6/29/2018

On June 14, 2018, the New York State Department of Financial Services (the “DFS”) announced that the agency granted a virtual currency license (or “BitLicense”) to bitcoin wallet and vault provider Xapo, Inc., and authorized...more

The NYAG’s Virtual Markets Integrity Initiative and Transparency of Cryptocurrency Exchanges

The Volkov Law Group on 5/2/2018

Recently, New York Attorney General Eric T. Schneiderman launched the state’s Virtual Markets Integrity Initiative in order to garner more information and gain insight into the inner workings of cryptocurrency exchanges. ...more

New York Department of Financial Services Issues Crypto Guidance; Outlines Enhanced Reporting Requirements

Goodwin on 2/14/2018

On February 7, 2018, the New York State Department of Financial Services (NY DFS) issued guidance to all virtual currency businesses that maintain a “BitLicense” or that are chartered as a limited purpose trust company under...more

Rise of Blockchain and ICOs Brings Regulatory Scrutiny

Skadden, Arps, Slate, Meagher & Flom LLP on 2/1/2018

In 2017, the increased adoption of blockchain technology in various industries was partially obscured by the dramatic fluctuations in the price of bitcoins and the prevalence of so-called initial coin offerings (ICOs) to...more

Beyond Best Practices: Regulatory Compliance Now a Necessity in the Cryptocurrency Sector

Ballard Spahr LLP on 12/22/2017

As the value of bitcoin continues to soar (USD:BTC this past weekend exceeded $19,000.00:1), we thought that now would be a good time to emphasize the need to ensure regulatory compliance with the many federal and state AML...more

DFS Grants Virtual Currency License To bitFlyer USA, Inc.

Orrick - Finance 20/20 on 12/7/2017

On November 28, 2017, the New York State Department of Financial Services (“DFS“) announced that it has approved the application of bitFlyer USA, Inc., for a virtual currency license.” Pursuant to this license bitFlyer USA...more

State Regulations On Virtual Currency And Blockchain Technologies

Carlton Fields on 11/10/2017

As of this inaugural publication, there exists no uniformity with respect to how businesses that deal in virtual currencies (also known as “cryptocurrencies”) such as Bitcoin are treated among the states. For these...more

Fintech Week in Review – October 2017

Perkins Coie on 10/24/2017

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

Treatment of Bitcoin Under U.S. Property Law

Perkins Coie on 3/30/2017

In this white paper, we analyze the treatment of bitcoin under applicable U.S. property law. We conclude that property interests should exist in bitcoin under such law, and that multiple sources of persuasive authority...more

Coinbase the Latest to Obtain New York BitLicense

Ballard Spahr LLP on 2/9/2017

The New York State Department of Financial Services (“DFS”) has issued its fifth BitLicense to date, continuing a marked effort to bring legitimacy and controls to the virtual currency (“VC”) industry, whose advantages in...more

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