News & Analysis as of September 20, 2024

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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 -

FinCEN proposes new recordkeeping, verification, and reporting requirements for transactions involving virtual currency and...

Eversheds Sutherland (US) LLP on 12/24/2020

On December 18, 2020, the Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (NPRM) to establish new requirements for convertible virtual currency (CVC) and legal tender digital asset (LTDA)...more

FinCEN Releases Advisory for Banks, MSBs on Potentially Illicit Transactions with Iran

Akin Gump Strauss Hauer & Feld LLP on 10/23/2018

• On October 11, 2018, FinCEN released an advisory to help U.S. financial institutions better detect potentially illicit transactions related to Iran. • The advisory describes how Iran attempts to access the international...more

Governor Signs Into Law Amendments to Washington’s Uniform Money Services Act

Perkins Coie on 5/5/2017

On April 18 the governor of Washington signed into law amendments proposed by the Washington Department of Financial Institutions (“DFI”) in December of last year, to the state’s Uniform Money Services Act, including...more

Digital Currency Corner - What FinCEN’s Denial of Payment Processing Exemption for Virtual Currency-Related Businesses Means for...

Manatt, Phelps & Phillips, LLP on 11/24/2014

Why it matters - The rapid evolution of virtual and digital currencies has spawned significant activity in several federal agencies with implications potentially for traditional entities in certain cases. In addition to...more

Texas Department of Banking Issues Guidance on Treatment of Virtual Currency

Katten Muchin Rosenman LLP on 4/9/2014

On April 3, the Texas Department of Banking released a supervisory memorandum on the regulatory treatment of virtual currencies such as bitcoin under the Texas Money Services Act. The guidance clarified that virtual currency...more

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