News & Analysis as of

Virtual Currency › Money Transmitter

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 -
Wilson Sonsini Goodrich & Rosati

Pending Changes to Anti-Money Laundering Program Requirements for MSBs and Other Financial Institutions

Wilson Sonsini Goodrich & Rosati on

Money services businesses (MSBs), a category which includes money transmitters (e.g., PayPal and other payment facilitators), as well as administrators and exchangers of convertible virtual currencies (e.g., Bitcoin...more

Orrick, Herrington & Sutcliffe LLP

Connecticut amends its Money Transmission Act

Orrick, Herrington & Sutcliffe LLP on

On June 6, Connecticut enacted HB 5211 (the “Act”), amending laws regulating virtual currency and money transmission. The Act updated "permissible investment" to include additional forms of assets and clarified that “cash”...more

Ballard Spahr LLP

PA Department of Banking and Securities: Virtual Currency is “Money”

Ballard Spahr LLP on

On April 20, 2024, the Pennsylvania Department of Banking and Securities (“DoBS”) issued a policy statement (“Policy Statement”) to “clarify” that the Department’s interpretation of the term “money” in the Pennsylvania Money...more

Hudson Cook, LLP

"OVER THE LINE!"  Where Banking and Gaming Intersect, the CFPB Has Something to Say.

Hudson Cook, LLP on

The line between virtual and reality is getting thinner. Gamers pay gaming companies real currency for virtual in-game currency to buy skins, create the world they want to live in (virtually), or purchase loot that aid in...more

Orrick, Herrington & Sutcliffe LLP

Maine enacts new money transmission law in line with the Money Transmission Modernization Act

Orrick, Herrington & Sutcliffe LLP on

On April 22, the Governor of Maine signed into law LD 2112 (the “Act”) which will codify a new law titled the “Maine Money Transmission Modernization Act.” The Act will amend and repeal many parts of the state’s money...more

Goodwin

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

Goodwin on

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

Orrick, Herrington & Sutcliffe LLP

South Dakota enacts new money transmission law, aligning the law to the Money Transmission Modernization Act

Orrick, Herrington & Sutcliffe LLP on

Recently, the Governor of South Dakota, Kristi Noem, signed into law SB 58, which amended and repealed many parts of the state’s money transmission law enacted in 2023 to bring the law more into alignment with a model Money...more

Orrick, Herrington & Sutcliffe LLP

U.S. Indicts KuCoin: What It Means for Cryptocurrency Companies Offering Money Transmission Services to U.S. Customers

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In a display of the United States' jurisdictional reach, the Justice Department has indicted KuCoin, a prominent global cryptocurrency exchange, along with founders Chun Gan and Ke Tang, for Bank Secrecy Act (BSA) and...more

Akin Gump Strauss Hauer & Feld LLP

CryptoLink - December 2023 Updates

Akin Gump Strauss Hauer & Feld LLP on

On the one hand, the year ended where it began. The legislation on stabelecoins and market structure that would provide a regulatory framework for digital assets has still not been enacted into law. And Securities and...more

Ballard Spahr LLP

All Roads Lead to Roman: Alleged Tornado Cash Co-Founders Roman Storm Arrested and Roman Semenov Sanctioned, Days After Treasury...

Ballard Spahr LLP on

Complex Civil and Criminal Cases Converge - On August 17, 2023, Judge Robert Pitman of the federal district court for the Western District of Texas issued an Order granting summary judgment for the U.S. Treasury Department...more

Shipkevich PLLC

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

Shipkevich PLLC on

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

Shipkevich PLLC

Louisiana Adopts Virtual Currency License

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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

BakerHostetler

US Crypto Exchange Consents to $100M DFS Settlement for AML Compliance Failures

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On January 4, 2023, the New York State Department of Financial Services (“DFS”) announced that Coinbase, Inc., a major U.S. cryptocurrency exchange, will pay a $50 million penalty and invest an additional $50 million in its...more

Orrick, Herrington & Sutcliffe LLP

Crypto platform reaches $100 million settlement to resolve alleged compliance failures

Orrick, Herrington & Sutcliffe LLP on

On January 4, NYDFS issued a consent order against a cryptocurrency trading platform for engaging in alleged violations of New York virtual currency, anti-money laundering, transaction monitoring, and cybersecurity...more

Shipkevich PLLC

Coinbase Agrees To Settlement With New York Regulator

Shipkevich PLLC on

On January 4, 2023, the New York State Department of Financial Services issued a consent order against Coinbase, a virtual currency company. Pursuant to the consent order, Coinbase will be paying a $50 million penalty to the...more

Shipkevich PLLC

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

Shipkevich PLLC on

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

McGlinchey Stafford

FTX collapse suggests money transmitters focus on permissible investments

McGlinchey Stafford on

The collapse of cryptocurrency exchange FTX has been widely reported across the world. One interesting exception to the fallout appears to involve U.S. customers, according to a tweet from FTX’s former CEO. We’ve received...more

Troutman Pepper

Nevada Bill Adopts Uniform Money Transmission Modernization Act

Troutman Pepper on

On September 16, the Nevada Financial Institutions Division (NFID) introduced a bill draft request to the Nevada Legislature for the 2023 legislative session. If passed, the bill will adopt the Model Money Transmission...more

Ballard Spahr LLP

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

Ballard Spahr LLP on

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

Tonkon Torp LLP

Crypto Trading Platforms and Bankruptcy Law: Are Clients Protected?

Tonkon Torp LLP on

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

Sheppard Mullin Richter & Hampton LLP

DFPI: Virtual Currency Platform is not Money Transmitter

Sheppard Mullin Richter & Hampton LLP on

On March 23, the California Department of Financial Protection and Innovation (DFPI) responded to a request for an interpretative legal opinion as to whether the virtual currency services offered by a company require it to...more

BakerHostetler

[Podcast] Blockchain University: Relationship Drama: Cryptocurrencies, Blockchain and the Law

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Our fifth episode provides an overview of the key legal issues facing cryptocurrencies and blockchain in the U.S....more

Sheppard Mullin Richter & Hampton LLP

Money Transmission Licenses Required for Virtual Currency Activities in Arkansas and Florida

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Recently Florida and Arkansas made it a requirement for those engaging in virtual currency activities to obtain money transmission licenses in their respective jurisdictions. - In August, the Florida Office of Financial...more

Cooley LLP

Alert: Virtual Currency Activity Subject to Money Transmission Licensing in Florida and Arkansas

Cooley LLP on

Innovative companies and platforms that seek to bring new virtual currency products and services to market in the US generally need to consider the potential applicability of US state money transmission licensing laws. How...more

Latham & Watkins LLP

Understanding NFTs and Their Legal Implications

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Latham & Watkins lawyers discuss the emerging technology of non-fungible tokens (NFTs), including how they function and their various legal implications in the US, UK, and APAC. Topics: • Understanding NFTs and their...more

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