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Virtual Currency › Regulatory Requirements

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 -
Carlton Fields

FINRA’s Blueprint for the Metaverse

Carlton Fields on

In October 2024, FINRA released its blueprint for the securities industry’s use of the metaverse — the metaverse report. The metaverse, often framed as “the next evolution of today’s internet,” is a loosely defined term used...more

Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – April 2025 # 5

Troutman Pepper Locke on

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....more

Conyers

Regulatory Update: Cayman Islands VASP Licensing Regime Now in Effect

Conyers on

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

Carey Olsen

Ten things every VASP should know about the BVI Virtual Assets Service Providers Act, 2022

Carey Olsen on

The Virtual Assets Service Providers Act, 2022 (the “VASP Act”) came into force on 1 February 2023. The VASP Act regulates virtual asset service providers (“VASPs”) and requires that VASPs be registered with the BVI Financial...more

Sheppard Mullin Richter & Hampton LLP

EU: New European Consumer Protection Guidelines for Virtual Currencies in Video Games

Sheppard Mullin Richter & Hampton LLP on

On March 21, 2025, ahead of a consultation and call for evidence on the EU’s Digital Fairness Act, the Consumer Protection Cooperation (CPC) Network highlighted the pressing need for improved consumer protection in the...more

Carey Olsen

Amendments to the regulatory framework for virtual assets in the Cayman Islands

Carey Olsen on

On 1 April 2025, several key updates will be made to the framework for the regulation of virtual assets in the Cayman Islands. These updates include the introduction and commencement of the VASP licencing framework for...more

Awatif Mohammad Shoqi Advocates & Legal...

Regulations On Virtual Assets To Counter Proliferation Financing And Prevent Money Laundering

Awatif Mohammad Shoqi Advocates & Legal... on

The advent and rise of cryptocurrency have been a disruptor to the traditional currency system. Even outside the virtual aspect of the currency, the concept is novel due to its accessibility and the level of anonymity...more

Winstead PC

Texas PUC Finalizes Registration Rule for Large Miners of Bitcoin and Other Virtual Currencies

Winstead PC on

The Public Utility Commission of Texas (PUC) has adopted 16 TAC § 25.114 (available here), requiring certain virtual currency mining facilities (VCMFs) to register as “large flexible loads” if they receive more than 75 MW of...more

Alston & Bird

The (Bay) State of the Model Money Transmission Modernization Act

Alston & Bird on

Massachusetts has joined the growing list of states that have at least partially adopted the Model Money Transmission Modernization Act. Our Financial Services Group examines the model act, how the Bay State has adopted it,...more

Carey Olsen

GLI British Virgin Islands blockchain and cryptocurrency regulation 2025, seventh edition

Carey Olsen on

Regulatory clarity in the digital assets and crypto space continues to be a moving target. Yet, the interest among policymakers and regulators worldwide has never been more pronounced. In the United States, 2024 was a pivotal...more

Sheppard Mullin Richter & Hampton LLP

NFTs and Securities Law Issues Are on the Rise – SEC Analysis Relies on Resale Royalties

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Until fall 2023, there were few SEC enforcements or litigations involving securities issues with non-fungible tokens (“NFTs”). This has changed dramatically. In rapid succession last fall, the SEC undertook two enforcements...more

Conyers

Advancing Virtual Asset Regulation in the Cayman Islands

Conyers on

Following consultations earlier this year, the Virtual Asset (Service Providers) (Amendment) Bill, 2024 (the Bill) has been gazetted and represents a major milestone in enhancing the Cayman Islands’ regulatory landscape for...more

Conyers

Stablecoins in the Cayman Islands

Conyers on

The evolution of the cryptocurrency landscape has led to the development and rapid adoption of stablecoins globally. A stablecoin, as the name suggests, is essentially a virtual asset that is designed to maintain a stable...more

Carey Olsen

A guide to blockchain and cryptocurrency regulation 2024: British Virgin Islands (GLI chapter)

Carey Olsen on

Chris Duncan and Katrina Lindsay have authored the British Virgin Islands (BVI) chapter of Global Legal Insight's sixth edition guide to blockchain and cryptocurrency regulation. The chapter covers the BVI legal requirements...more

DLA Piper

Blockchain and Digital Assets News and Trends - September 2024

DLA Piper on

This monthly bulletin is designed to help companies identify important legal developments governing the use and acceptance of blockchain technology, smart contracts, and digital assets....more

DLA Piper

Blockchain and Digital Assets News and Trends - August 2024

DLA Piper on

This monthly bulletin is designed to help companies identify important legal developments governing the use and acceptance of blockchain technology, smart contracts, and digital assets....more

A&O Shearman

Amendments to Luxembourg laws to implement MiCAR and TFR: key takeaways and impact on VASPs

A&O Shearman on

On 21 May 2024, a bill of law n° 8387 was introduced before the Luxembourg Parliament. Its objective is to amend several pieces of Luxembourg legislation to operationalise various European regulations, in particular...more

A&O Shearman

Bit by bit: improving consumer complaint processes in crypto

A&O Shearman on

On May 30, 2024, the New York State Department of Financial Services ("NYSDFS" or the "Department") issued guidance to all virtual currency businesses licensed or chartered with the Department ("VCEs"), including those...more

White & Case LLP

The Shadow Financial System

White & Case LLP on

The concept of the shadow financial system rose to international prominence in the aftermath of the 9/11 terrorist attacks. In an interview with a Pakistani newspaper a month later, Osama bin Laden stated that Al Qaeda were...more

Awatif Mohammad Shoqi Advocates & Legal...

Regulating Unlicensed Virtual Asset Providers: A Comprehensive Guide

Awatif Mohammad Shoqi Advocates & Legal... on

In recent years, the world has witnessed rapid growth in the popularity and adoption of virtual assets, including cryptocurrencies, non-fungible tokens (NFTs), and various other digital assets. With this rise, however, comes...more

Latham & Watkins LLP

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

Latham & Watkins LLP on

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

Cadwalader, Wickersham & Taft LLP

Treasury Cries “Uncle” to Crypto Industry: Crypto Reporting Delayed

Cadwalader, Wickersham & Taft LLP on

On January 16th, the IRS published Announcement 2024-4 (the “Announcement”), postponing certain reporting requirements for large crypto transactions which were set to go into effect for the 2024 tax year.  Persons engaged in...more

Jenner & Block

Client Alert: California Enters the Arena of Virtual Currency Regulation

Jenner & Block on

After prolonged deliberation, California has finally decided to enter the virtual currency regulatory arena by adopting two virtual currency regulatory bills into law. The California Digital Financial Assets Law (“DFAL”),...more

Jenner & Block

Client Alert: Virtual Currency Update: NYDFS Issues Key New Guidance As It Marks Two Year Milestone

Jenner & Block on

The New York Department of Financial Services (NYDFS) proudly announced an “update on [its] two-year transformational initiative to strengthen NYDFS’ nation-leading virtual currency oversight” on September 18, 2023. Although...more

Stikeman Elliott LLP

The Virtual Currency Regulation Review - September 2023

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I INTRODUCTION TO THE LEGAL AND REGULATORY FRAMEWORK - Canada currently has no comprehensive framework governing the regulation of digital assets. Securities and derivatives regulation has emerged as the main regulatory...more

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