News & Analysis as of September 20, 2024

Virtual Currency › 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 -

Will Resiliency Carry the Digital Asset Sector Through 2024: State-Level Developments — The Crypto Exchange Podcast

Troutman Pepper on 5/7/2024

In the third episode of this four-part series, Ethan, Addison, and Trey discuss several state-level developments that occurred in the digital asset sector during 2023. The group discusses the inception of New York Department...more

New York Attorney General Proposes Comprehensive and Restrictive Digital Assets Bill

Morgan Lewis on 6/22/2023

New York Attorney General Letitia James introduced on May 5, 2023 a proposed bill that, if enacted, would significantly tighten regulation over digital asset market participants and exchanges. While the New York State...more

Top 5 Takeaways from NYDFS $1.2 Million Fine in Cybersecurity Case

Orrick, Herrington & Sutcliffe LLP on 6/6/2023

On May 1, the New York Department of Financial Services (“NYDFS” or “Department”) and a trading platform entered into a consent order to resolve deficiencies identified during examinations conducted in 2018 and 2020. The...more

NYDFS calls its virtual currency framework the “gold standard”

Orrick, Herrington & Sutcliffe LLP on 6/5/2023

On May 25, NYDFS Superintendent Adrienne Harris testified before the New York assembly to address the regulation of virtual currency in the state. Harris highlighted the value and “gold standard” set by NYDFS’s virtual...more

NYDFS Implements Virtual Currency Assessments Rule

Perkins Coie on 5/15/2023

The New York Department of Financial Services (NYDFS) formally implemented its Virtual Currency Assessments Rule as 23 NYCRR 102 on Wednesday, April 19, 2023, by publishing a notice of adoption in the State Register. Under...more

NYDFS releases final regulations implementing virtual currency licensee assessments

Ballard Spahr LLP on 5/1/2023

On April 17, the NYDFS announced the adoption of final regulations intended to shift the cost of supervision and examination of BitLicensees from the NYDFS via the implementation of direct assessments to licensees. The new...more

New York Department of Financial Services Adopts Virtual Currency Assessments Regulation

Troutman Pepper on 4/25/2023

On April 17, the Superintendent of the New York Department of Financial Services (NYDFS), Adrienne A. Harris, announced that the NYDFS adopted a final regulation establishing how companies with NYDFS-issued BitLicenses will...more

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

New York Department of Financial Services Issues Guidance on Virtual Currency Custodial Services

Jones Day on 2/21/2023

In Short - The Situation: Following a string of bankruptcies among virtual currency firms, the New York Department of Financial Services has issued guidance on the practices and procedures it expects from certain...more

Crypto Currently: New York Department of Financial Services Issues Virtual Currency Custody Guidance

WilmerHale on 2/9/2023

On January 23, the New York State Department of Financial Services (DFS or the Department) issued guidance clarifying its expectations for New York-based virtual currency businesses regarding the custody of customer assets...more

New York Department of Financial Services Issues Crypto Custody Guidance

Latham & Watkins LLP on 2/3/2023

The Guidance clarifies the regulator’s expectations on safekeeping customer digital assets, and the disclosures that must accompany such arrangements. On January 23, 2023, the New York Department of Financial Services...more

New York State Department of Financial Services Outlines Prior Approval Process for Virtual Currency-Related Activity

Alston & Bird on 12/23/2022

The New York State Department of Financial Services has issued an industry letter detailing the prior approval process for all New York banking organizations seeking to engage in new or significantly different virtual...more

New York’s Superintendent of Financial Services Addresses BitLicense Delays

Sheppard Mullin Richter & Hampton LLP on 4/29/2022

This January, Adrienne A. Harris was confirmed as superintendent of New York’s Department of Financial Services, which administers New York’s BitLicense program, among others. In a March 28 interview, Harris discussed the...more

New York Department of Financial Services to Start Charging Assessments to Virtual Currency Businesses

Troutman Pepper on 4/14/2022

The fiscal year 2022-2023 budget for New York, which takes effect in two months, includes requiring the New York Department of Financial Services (NYDFS) to charge a new “assessment” to all virtual currency businesses...more

Understanding NFTs and Their Legal Implications

Latham & Watkins LLP on 8/2/2021

Latham & Watkins lawyers discuss the emerging technology of non-fungible tokens (NFTs), including how they function and their various legal implications in the US, UK, and APAC. Topics: • Understanding NFTs and their...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 Department of Financial Services Announces New Virtual Currency Initiatives

Goodwin on 7/31/2020

On June 24, 2020, New York’s Department of Financial Services (“DFS”) announced a series of steps it is taking to promote development and opportunities in the virtual currency space. These actions would build upon New York’s...more

New York's Relaxed BitLicense Could Still Take Lessons From Wyoming's Permissive Approach

Carlton Fields on 7/28/2020

New York’s slogan “if you can make it here, you can make it anywhere” seems like it was written specifically for cryptocurrency companies. Since 2015, the New York Department of Financial Services (NYDFS) established a...more

Blockchain Week in Review - July 2020 #2

Perkins Coie on 7/27/2020

US Developments - CFTC and SEC Issue Orders Filing and Settling Charges with Two Entities for Illegal Off-Exchange Trading and Registration Violations - On July 13, 2020, the Commodity Futures Trading Commission (CFTC) and...more

New Empire State of Mind? Potential Easing of Restrictions for New York Virtual Currency Business Licenses

Katten Muchin Rosenman LLP on 7/23/2020

On the fifth anniversary of the introduction of New York’s virtual currency regulation, the New York State Department of Financial Services (DFS) announced a number of initiatives presumably to make it easier for virtual...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

New York (More) Open for (Crypto) Business: NYDFS Proposes Important Changes to the BitLicense

K&L Gates LLP on 7/14/2020

Since finalizing the “BitLicense” regulatory regime in June 2015, the New York Department of Financial Services (NYDFS) has granted only 25 licenses. This underscores how the BitLicense regulatory framework has been a barrier...more

Piggyback Ride to New York BitLicense

Sullivan & Worcester on 7/14/2020

On June 24, 2020, the New York Department of Financial Services (the "NYDFS") announced it is considering a proposal to issue conditional licenses (a "Conditional License") for companies to begin virtual currency activities...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

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Virtual Currency › BitLicense

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