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

The Importance of Sound Corporate Governance for Virtual Asset Service Providers: Lessons from Past Failures

Conyers on 10/3/2024

In recent years, the virtual asset industry has experienced exponential growth, bringing about innovations in digital payments, tokenisation and decentralised finance (Defi). While highly innovative, the volatile nature of...more

OFAC Issues Sanctions Compliance Guidance for Virtual Currencies

Faegre Drinker Biddle & Reath LLP on 12/13/2021

In October, the United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) published new guidance for the virtual currency industry focusing on compliance with the financial industry’s obligations...more

Sanctions Compliance for Crypto: OFAC Issues Guidance Targeting Virtual Currency Industry

Sheppard Mullin Richter & Hampton LLP on 10/22/2021

Last Friday, the Office of Foreign Assets Control (OFAC) published more targeted guidance for digital asset companies related to compliance with sanctions and best practices for mitigating risks. This guide comes on the heels...more

Cryptocurrency and OFAC: Beware of the Sanctions Risks

Orrick - On the Chain on 1/24/2020

A recent federal criminal action shows the depth of the U.S. government’s concern about the use of cryptocurrency (or virtual currency) to violate economic sanctions laws and the lengths to which it will go to charge such...more

Cryptoasset Exchanges Respond to New York Attorney General’s Virtual Markets Integrity Initiative

Proskauer - Blockchain and the Law on 5/14/2018

On April 17, 2018, the New York Attorney General’s Office (“OAG”) launched a Virtual Markets Integrity Initiative and sent letters to thirteen cryptoasset trading platforms requesting, through a questionnaire, disclosures on...more

Global Regulators to Maintain AML Pressure on the Cryptocurrency Industry

Ballard Spahr LLP on 3/2/2018

On February 23, the Financial Action Task Force (“FATF”) signaled that the inter-governmental body “will step up its efforts in monitoring the use of cryptocurrencies in money laundering.” ...more

U.S. Senate Hearing on Cryptocurrencies

Kramer Levin Naftalis & Frankel LLP on 3/1/2018

On Feb. 6, Jay Clayton and Christopher Giancarlo, the chairmen of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), respectively, jointly testified before the Senate Banking...more

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Virtual Currency › Risk Management › Regulatory Oversight

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