News & Analysis as of September 21, 2024

Virtual Currency › Technology

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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 -

U.S. Sanctions Enforcement: 2023 Trends and Lessons Learned

Morrison & Foerster LLP on 3/5/2024

Today’s alert—the second in our Sanctions 2023 Year in Review Series—provides an overview of U.S. sanctions enforcement in 2023, including the key lessons learned from the public enforcement actions issued by the U.S....more

The green revolution of blockchain?

White & Case LLP on 9/21/2022

As current blockchain technology faces accusations of inefficiency and unsustainability, a new technology is finding its way to counteract them. Blockchain - Crypto blockchains are a highly discussed topic. Blockchain is...more

What You Need to Know About Virtual Assets Law in the UAE?

Awatif Mohammad Shoqi Advocates & Legal... on 5/9/2022

Virtual asset is an innovative technology representing value which could be stored, traded, transferred or used as a payment tool in a digital form. Bitcoin, crypto assets, non-fungible tokens (NFTs) are all virtual assets. ...more

The Cryptocurrency Industry Breathes a Sigh of Relief Following President Biden’s Executive Order

McDermott Will & Emery on 3/11/2022

On March 9, 2022, US President Joe Biden signed an unprecedented executive order directing federal agencies to coordinate their approach to clarifying cryptocurrency regulations. Sighs of relief were heard across the industry...more

Trade Matters - November 2021

Lowenstein Sandler LLP on 11/3/2021

1. New Cybersecurity Export Controls From BIS Go Into Effect in January - The Bureau of Industry and Security (BIS) has released an interim final rule establishing new export controls on certain cybersecurity items and...more

Crypto, Tech and Slow Evolution Forward

Dorsey & Whitney LLP on 5/25/2021

Crypto currency continues to be debated - some believe in it; others do not. The decision by the founder of Tesla to exit the market recently seems to have added a new element, however. Now the question is if crypto is energy...more

Bitcoin Exchanges And The Cryptocurrency World Was Just Rocked

Fox Rothschild LLP on 7/10/2020

In an unexpected to say the least case of first impression, the United States Court of Appeals for the Fifth Circuit, essentially, blew away the privacy doors of the cryptocurrency world when it forced a Bitcoin exchange to...more

Specific Identification of Virtual Currency Positions

McDermott Will & Emery on 6/3/2020

The IRS views convertible virtual currency as property, not foreign currency. As such, taxpayers must record and track the tax basis of each unit of virtual currency held in order to property report taxable gain or loss when...more

Cryptocurrency 101 for Lawyers – What is Mining?

The Volkov Law Group on 9/25/2018

As we have continued with our cryptocurrency posts, we are often asked questions about the foundational elements of the technology behind cryptocurrency. This is not surprising really, it’s a new technology that’s still...more

What is a Virtual Currency Taxable event?

Foodman CPAs & Advisors on 8/17/2018

There continues to be limited Virtual Currency (VC) guidance from the US Treasury and the IRS and VC investors ought to proceed cautiously. IRS continues to make reference to Notice 2014-21 to remind Taxpayers that VC...more

El IRS está pendiente al Cripto

Foodman CPAs & Advisors on 7/16/2018

El Jefe de Investigación Criminal del IRS, Don Fort, declaró recientemente: "Es posible utilizar Bitcoin y otras Criptomonedas de la misma manera que las cuentas bancarias extranjeras para facilitar la evasión de impuestos"....more

¿Quién monitorea los “wallets” de las Monedas Virtuales?

Foodman CPAs & Advisors on 7/13/2018

Los inversionistas de la Moneda Virtual (MV) utilizan los servicios de plataformas en línea "seguros" para comprar, vender, transferir y almacenar la MV. Los proveedores de estos servicios se conocen como “wallets,...more

Retaining North Carolina's Booming Virtual Currency Industry

Ward and Smith, P.A. on 6/27/2018

North Carolina rightfully regards itself as a leader in innovation and as a hub for technology—it hosts Research Triangle Park and world-renowned universities, and according to the NCTech’s 2018 State of Technology Industry...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 11/9/2017

Snap’s awful Q3 be damned—Chinese tech giant Tencent has increased its stake in the company to more than 12% thanks to shares it purchased on the open market....more

Blockchain Energizer Vol. 3

K&L Gates LLP on 5/5/2017

There is a lot of buzz around blockchain technology and its potential to revolutionize a wide range of industries from finance and healthcare to real estate and supply chain management. Reports estimate that over $1.4 billion...more

Florida Lawmakers Seek to Bring Virtual Currency into the Fold

Ballard Spahr LLP on 4/26/2017

On Monday, the state of Florida moved a step closer towards amending its money laundering statute to include the nefarious use of bitcoin and other virtual currencies. The bill, H.B. 1379, has sailed through a committee vote...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 4/26/2017

Mega luxury brand news yesterday, as LVMH announced a series of moves that, combined with $13.1 billion, helped it take over the 70-year-old French fashion house Christian Dior....more

SEC Order Prevents Winklevoss Bitcoin Trust

Stinson - Corporate & Securities Law Blog on 3/13/2017

The SEC declined to approve a rule change submitted by Bats BZX Exchange designed to permit the listing and trading the Winklevoss Bitcoin Trust. The SEC said it did not approve the proposed rule change because it did not...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 3/7/2017

The SEC is set to decide this week whether to okay a new ETF that could provide investors easier access to bitcoin, a potentially transformative move for the virtual currency....more

The Devil Is in the Details: SEC Regulation of Blockchain Technology

Polsinelli on 3/7/2017

Blockchain technology has captured the imagination of the financial services industry. Unfortunately, the adoption of the technology is impaired by a lack of clarity from regulators including the U.S. Securities and Exchange...more

Are Banks Ready for a KYC Revolution?

K2 Integrity on 3/6/2017

Many of the world’s largest financial institutions have invested in distributed ledger technology—known popularly as blockchain technology—to improve their business operations. An area where this disruptive innovation holds...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 2/28/2017

A collection of corporate heavy hitters are betting big on the blockchain technology behind bitcoin rival Ethereum to build a computing system to track data and financial contracts. The project is seen by some as a way to...more

Combating Money Laundering and Terrorist Financing with a Distributed Ledger

Ballard Spahr LLP on 2/22/2017

Despite the staggering $8 billion figure estimated to be spent on global compliance in 2017, U.S.-based rules regarding Anti-Money Laundering (“AML”) and Combating the Financing of Terrorism (“CFT”) remain anchored in their...more

2016 Year End Review: Virtual Currency: DOJ and IRS Broadly Seek Virtual Currency Account User Information

Ballard Spahr LLP on 2/7/2017

Under Internal Revenue Code section 7609(f), the IRS may issue a “John Doe” administrative summons to discover the identities of unknown taxpayers. A “John Doe” summons can be a powerful enforcement tool because it allows the...more

Digital Currencies: International Actions and Regulations

Perkins Coie on 1/27/2017

Argentina - Virtual currencies are not legal tender under the country’s National Constitution, which designates the Central Bank as the only authority that may issue legal tender. Although not specifically regulated,...more

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Virtual Currency › Technology

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