News & Analysis as of September 23, 2024

Virtual Currency › Licenses

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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 -

What are the Cryptocurrency Regulations in Dubai?

Awatif Mohammad Shoqi Advocates & Legal... on 7/29/2024

In recent years, the global economy has witnessed the popularity and adoption of cryptocurrencies, with Dubai emerging as a notable player in this digital financial landscape. As the market for virtual assets continues to...more

Pennsylvania Quietly Reinterprets Current Law to Regulate Virtual Currency as “Money” Under the Money Transmitter Act

McGlinchey Stafford on 5/9/2024

In February 2019, the Pennsylvania Department of Banking and Securities (DoBS) issued public guidance on the applicability of the Money Transmitter Act (MTA) to virtual currency exchanges by means of a link entitled “Money...more

Hong Kong Proposes Regulation of Over-the-Counter Crypto Trading

Latham & Watkins LLP on 2/13/2024

On 8 February 2024, the Financial Services and the Treasury Bureau (FSTB) released a consultation paper on its legislative proposal to introduce a regulatory regime governing over-the-counter (OTC) trading of virtual assets...more

Regulation of virtual asset service providers (VASPs) in Guernsey

Walkers on 7/19/2023

This briefing is the fourth in a series of briefings by Walkers on the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 (the "LCFL"), and provides an overview of the licensing regime applicable to Virtual Asset...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

Michigan Suspends FTX Lend Money Transmitter License and Orders FTX US License as Expired

Shipkevich PLLC on 1/18/2023

On January 10, 2023 by the Michigan Department of Insurance and Financial Services (DIFS), issued an order regarding two companies, West Realm Shires Services, Inc. dba FTX US (“FTX US”) and FTX Lend Inc. Both companies are...more

Louisiana Adopts Virtual Currency License

Shipkevich PLLC on 1/18/2023

Louisiana has become the first state to follow New York's lead in issuing a crypto-specific license, accepting Louisiana Virtual Currency Business Activity (VCBA) license applications as of January 1, 2023. All entities...more

2023 Statutory Update to Alaska and Florida Virtual Currency & Money Transmission Laws

Shipkevich PLLC on 1/5/2023

On January 1, 2023, updates to virtual currency and money transmission laws went into effect. Alaska: Alaska's money transmission regulations have been amended to include virtual currency in the scope of money...more

D.C. Department of Insurance, Securities and Banking issues bulletin on money transmission

Ballard Spahr LLP on 8/26/2022

On August 8, 2022, the District of Columbia Department of Insurance, Securities and Banking (the Department”) issued a Bulletin on money transmission (the “Bulletin”). The Department issued the Bulletin to ensure that...more

State Regulations Of Digital Assets

Cole Schotz on 6/30/2021

As digital assets, and cryptocurrencies specifically, have continued to gain worldwide popularity, you might be wondering whether you can pursue opportunities within the industry. The answer in large part depends on what type...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

Louisiana Enacts Virtual Currency Company Law

Alston & Bird on 7/8/2020

A&B ABstract: On June 13, Louisiana enacted a comprehensive new law imposing a licensing obligation on entities that engage in virtual currency business activity....more

New York Proposes Guidance for Regulated Virtual Currency Licensees

Alston & Bird on 1/24/2020

A&B ABstract - Since the New York Department of Financial Services (“NYDFS”) finalized regulations for virtual currency firms in 2015, several regulated virtual currency licensees (“Licensees”) have sought permission to...more

New York Guidance on Listing Digital Assets

Pillsbury Winthrop Shaw Pittman LLP on 1/8/2020

New York DFS proposal: A step forward in treating digital coin assets in a manner commensurate with more traditional financial assets. The New York State Department of Financial Services (DFS) proposed guidance that will...more

State Regulation Roundup Revisited

Goodwin on 3/23/2016

As discussed in a previous post, several states are in various stages of implementing regulations related to digital currency. Below is an updated summary of the actions currently underway....more

The Conference of State Bank Supervisors Adopts Model Regulatory Framework for Virtual-Currency Businesses

Morgan Lewis on 10/15/2015

Addressing regulatory concerns pertaining to consumer protection, market stability, and law enforcement, the Framework expands on the CSBS draft framework released in December 2014. The Conference of State Bank...more

The CSBS Finalizes Model Framework for Virtual Currencies

Morrison & Foerster LLP on 9/29/2015

On September 15, 2015, the Conference of State Bank Supervisors (“CSBS”) issued its final Model Regulatory Framework on virtual currency activities (“Final Framework”). The Final Framework follows the CSBS’s December 2014...more

California Virtual Currency Legislation

Pillsbury - Internet & Social Media Law Blog on 3/18/2015

On February 27, 2015, California Assemblyman Matt Dababneh, chairman of the state's Banking and Finance Committee, introduced Assembly Bill 1326, which would prohibit a person from engaging in California in the business of...more

The Empire State Strikes Back: New York Proposes Rules for Virtual Currency

BakerHostetler on 8/11/2014

The New York State Department of Financial Services (the “Department”) recently published its proposed rules and regulations (the “Proposed Rules”) for vendors conducting business involving virtual currency. The Proposed...more

NY Regulator Releases First Regulatory Framework For Virtual Currency

Manatt, Phelps & Phillips, LLP on 8/6/2014

It happened: Benjamin Lawsky, Superintendent of New York’s Department of Financial Services (DFS) announced the release of the DFS’s much-anticipated proposal for a BitLicense, stating “We have sought to strike an appropriate...more

New York DFS Proposes First Comprehensive Regulatory Framework for Virtual Currency Businesses

Katten Muchin Rosenman LLP on 7/23/2014

On July 17, the New York State Department of Financial Services (DFS) released the draft “BitLicense,” a proposed regulatory framework to license Virtual Currency Business Activity. The proposed regulations follow DFS...more

Proposed “Bitlicense” Regulations Published to the New York Register

Proskauer - New Media & Technology on 7/23/2014

Today’s New York State Register includes a Notice of Proposed Rule Making from the New York State Department of Financial Services (the “NYSDFS”) regarding the regulation of virtual currency (“Regulation of the Conduct of...more

New York DFS Proposes Sweeping Virtual Currency Licensing Scheme

Morrison & Foerster LLP on 7/21/2014

Yesterday, the New York Department of Financial Services (“NYDFS”) issued a proposed rule for public comment setting forth a novel and comprehensive “BitLicense” regulatory scheme for entities engaged in “Virtual Currency...more

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Virtual Currency › Licenses

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