News & Analysis as of May 10, 2025

Regulatory Oversight

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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 -

Regulatory Update: Cayman Islands VASP Licensing Regime Now in Effect

Conyers on 4/23/2025

The Cayman Islands Government has taken a significant step in the regulation of virtual asset service providers (VASPs) with the commencement of the licensing regime under the Virtual Asset (Service Providers) Act (as...more

Significant State Regulatory Development in the Virtual Currency Industry in California and New York

Goodwin on 4/30/2024

California enacted its own version of New York’s “BitLicense” law, the Digital Financial Assets Law (DFAL), becoming one of the first US states to implement a virtual currency-specific regulatory regime. ...more

New York State Department of Financial Services Establishes New Research and Innovation Division

Proskauer - Blockchain and the Law on 8/1/2019

On July 23, the New York State Department of Financial Services (the “DFS”) issued a press release announcing the establishment of a new Research and Innovation Division (the “Division”) within the DFS....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

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Virtual Currency › Licensing Rules › Regulatory Oversight

Regulatory Update: Cayman Islands VASP Licensing Regime Now in Effect

Significant State Regulatory Development in the Virtual Currency Industry in California and New York

New York State Department of Financial Services Establishes New Research and Innovation Division

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

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