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Virtual Currency › Digital Assets › Cryptoassets

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 -
A&O Shearman

SEC Declares Meme Coins Are Not “Securities” In New Statement

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On February 27, 2025, the Securities and Exchange Commission (the “SEC”) issued a statement to provide clarity on the application of federal securities laws to crypto assets by declaring that “meme coins” do not fall under...more

Wilson Sonsini Goodrich & Rosati

CFPB Takes Aim at Crypto Wallets and Gaming Platforms with Proposed "Interpretive Guidance" to Expand EFTA's Scope

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The Consumer Financial Protection Bureau (CFPB) has proposed an interpretive rule on how the Electronic Fund Transfer Act (EFTA) and its implementing regulation, Regulation E, would apply to new and emerging digital payments....more

K&L Gates LLP

First JPEX Judgement by a Hong Kong Court in Favor of Customers

K&L Gates LLP on

On 29 October 2024, the Hong Kong District Court issued the judgment of the first legal action (Chan Wing Yan and Another v. JP-EX Crypto Asset Platform Ltd and Others [2024] HKDC 1628) against JPEX, which the Hong Kong...more

Polsinelli

Blockchain+ Bi-Weekly; Highlights of the Last Two Weeks in Web3 Law: November 14, 2024

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After a relatively quiet October for Web3 legal developments, November has kicked off with significant activity, primarily centered around ongoing lawsuits and regulatory enforcement actions. In addition to these legal...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

Morris James LLP

Bankruptcy Courts' Role In Shaping Crypto's Legal Framework

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Cryptocurrency is in the media's spotlight and the U.S. Securities and Exchange Commission's crosshairs. After the spectacular demise of FTX Trading Ltd. and other cryptocurrency companies, customers and creditors were left...more

Hogan Lovells

The Payments Newsletter including Digital Assets & Blockchain, March 2024

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Key developments of interest over the last month include: the UK government publishing draft legislation on payment service contract termination rule changes; the Central Bank of Ireland providing insights into its regulatory...more

Morgan Lewis

California Becomes Latest State to Regulate Digital Assets

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California Governor Gavin Newsom signed the California Digital Financial Assets Law (DFAL) and Senate Bill 401 on October 13, 2023, which together will regulate virtual currency activities within the state when the laws...more

Troutman Pepper Locke

Fed Provides Details of Novel Banking Activities and Cryptocurrency Supervisory Program

Troutman Pepper Locke on

On August 8, the Federal Reserve Board (Fed) issued a press release providing additional information on its Novel Activities Supervision Program (Program) to monitor novel activities in the banks it oversees. Novel activities...more

Cooley LLP

IRS Releases Guidance on Cryptocurrency ‘Staking’ Rewards

Cooley LLP on

On July 31, 2023, the Internal Revenue Service (IRS) released Revenue Ruling 2023-14, which addresses the US federal income tax treatment of cryptocurrency units (commonly referred to as coins or tokens) that are received by...more

Orrick, Herrington & Sutcliffe LLP

SEC charges companies, founder for operating an unregistered exchange

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On July 31, the SEC filed a complaint in the U.S. District Court for the Eastern District of New York against three cryptocurrency trading platforms and their founder for allegedly conducting unregistered offerings of crypto...more

Latham & Watkins LLP

New York Department of Financial Services Issues Crypto Custody Guidance

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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

Ballard Spahr LLP

NYDFS to Virtual Currency Asset Custodians: Segregate, Don’t Integrate

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On January 23, 2023, the New York Department of Financial Services (NYDFS) published a short but important notice to virtual currency asset custodians containing guidance on custodial structures in order to protect customers...more

Troutman Pepper Locke

State AGs Reach $24M Settlement With Cryptocurrency Company Nexo

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New York Attorney General Letitia James led a bipartisan multistate coalition to reach a $24 million settlement with cryptocurrency company Nexo for allegedly offering and selling unregistered securities and commodities. As...more

Kilpatrick

IRS Publishes Advice Concerning Cryptocurrency that has Declined in Value

Kilpatrick on

On January 13, 2023, the Internal Revenue Service (IRS) Office of Chief Counsel published Memorandum 202302011 titled “[a]pplicability of I.R.C. section 165 to cryptocurrency that has declined in value.” The Memorandum...more

A&O Shearman

Catching lightning in a bottle: Regulatory developments concerning crypto assets in Hong Kong, Singapore and Australia

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Depending on who you talk to, crypto assets represent either the most significant evolutionary shift in finance since coins were minted or the greatest bubble since tulips. Whilst the jury remains out on that point, it is...more

Katten Muchin Rosenman LLP

Public Companies with Exposure to Crypto Markets After FTX Collapse: To Disclose or Not to Disclose – You Better Disclose if...

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The recent collapse of FTX and other companies transacting in cryptoassets prompted staff of the U.S. Securities and Exchange Commission to advise public reporting companies to double-check that they are adequately disclosing...more

Conyers

BVI to Introduce the Virtual Assets Service Providers Act

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The British Virgin Islands (“BVI”) is proposing to introduce virtual assets service provider (“VASP”) legislation and has recently circulated a draft bill in the form of the Virtual Assets Service Providers Act, 2022 (the...more

Ankura

The Crypto crash and the regulatory response

Ankura on

Cryptoassets continue to fall in value and the industry is in trouble - The big question now being asked about the cryptoassets meltdown is this: Is it the end of crypto as we know it, or only a short-term correction? The...more

Bennett Jones LLP

The Cullen Commission Explores the Issue of Money Laundering Through Virtual Assets

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In June 2022, the Final Report of the Commission of Inquiry into Money Laundering in British Columbia was published. As previously reported by us in The Cullen Commission Releases Its Final Report on Money Laundering in...more

Foley & Lardner LLP

Top Trends in Digital Assets for 2022

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It's no secret that cryptocurrency markets and the larger digital assets economy have been roiled by recent instability, resulting in discussions about how regulatory initiatives, rising inflationary pressure, and public...more

A&O Shearman

Crypto-Tunities: Transaction strategies in the challenging crypto markets

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With crypto winter settling in and likely consolidation of the market participants, unique and unprecedented opportunities arise to pair buyers with sellers....more

Kilpatrick

Digital Assets Regulation Framework - Commerce Solicits Public Comment

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On May 19, 2022, the U.S. Department of Commerce (Commerce) published a Request for Comment titled “Developing a Framework on Competitiveness of Digital Asset Technologies” (Request for Comment). Digital assets, in this...more

Kilpatrick

Crypto Enforcement Is Here, and Always Has Been

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There are those in the crypto sphere who, despite the strong warnings of several federal agencies, believe there can be no enforcement without crypto specific regulation. This is not the case. There are also those who believe...more

Awatif Mohammad Shoqi Advocates & Legal...

What You Need to Know About Virtual Assets Law in the UAE?

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Virtual asset is an innovative technology representing value which could be stored, traded, transferred or used as a payment tool in a digital form. Bitcoin, crypto assets, non-fungible tokens (NFTs) are all virtual assets. ...more

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