News & Analysis as of September 23, 2024

Virtual Currency › Insolvency

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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 -

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

NYDFS Issues Guidance on Virtual Currency Custody Practices

Dechert LLP on 2/9/2023

Citing a substantial increase in recent years in the demand for both virtual currencies and virtual currency custody services, the New York Department of Financial Services (NYDFS) on January 23, 2023 released its Guidance on...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

NY DFS Releases Custodial Guidance on Crypto Insolvency

Sheppard Mullin Richter & Hampton LLP on 2/3/2023

On January 23, the NY DFS released updated guidance with regard to better protecting consumers in the event of virtual currency insolvency. This updated guidance applies to entities that DFS has licensed or chartered to hold...more

How the New York Department of Financial Services (DFS) Regulates Virtual Currency, a Close Look with Special Guest Kaitlin Asrow,...

Ballard Spahr LLP on 2/3/2023

After reviewing the licensing/chartering/approval structures that DFS uses for entities seeking to engage in virtual currency activities, we discuss the role of guidance in DFS’s regulation and oversight of virtual currency,...more

New York Issues New Guidance on Crypto Currency Custodial Structures

Shipkevich PLLC on 1/24/2023

On January 23, 2023, New York Department of Financial Services (DFS) released regulatory guidance to better protect customers in the event of virtual currency insolvency. The guidance is not binding, but rather persuasive...more

Crypto Trading Platforms and Bankruptcy Law: Are Clients Protected?

Tonkon Torp LLP on 7/21/2022

Cryptocurrency investors, who were already in the icy clutches of the so-called “crypto winter,” now have another reason to shiver. Insolvency issues are cropping up with some frequency among crypto companies, which is...more

The Wait is Over: Louisiana Proposes Virtual Currency Business Rules

McGlinchey Stafford on 7/5/2022

The Louisiana Virtual Currency Business Act (Act), which requires virtual currency businesses to hold a license became effective on August 1, 2020. At that time the Louisiana Office of Financial Institutions (OFI) was tasked...more

QuadrigaCX’s Insolvency: Problems in Tracing and Recovering Cryptocurrency When Keys Stored in Cold Wallets Are Missing

Blank Rome LLP on 2/11/2019

The implementation of compliance protocols for private keys of cryptocurrencies is of the utmost importance for companies that hold custody of cryptocurrencies, as highlighted by the recent, untimely death of QuadrigaCX’s CEO...more

Expect the Unexpected: The Year Ahead for the Financial Institutions Sector

Hogan Lovells on 1/13/2017

With contributors across the sector and the globe, we've compiled a review of some of the developments that will affect financial institutions in 2017 and beyond. The one thing that 2016 taught us was to expect the...more

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Virtual Currency › Insolvency

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