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Virtual Currency › Banks

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 -
Hogan Lovells

The Payments Newsletter including Digital Assets & Blockchain, October 2024

Hogan Lovells on

Key developments of interest over the last month include: the UK FCA publishing a consultation on two-stage reforms to the payments and e-money safeguarding regime; the U.S. Consumer Financial Protection Bureau announcing a...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

A&O Shearman

California enacts two new virtual currency laws: What market participants need to know

A&O Shearman on

On October 13, 2023, California enacted two bills that significantly expand the regulation of virtual currency-related activities in California: Assembly Bill 39 (AB 39), known as the California Digital Financial Assets...more

Cadwalader, Wickersham & Taft LLP

FDIC's Annual Risk Review Includes Crypto Risks for First Time

Cadwalader, Wickersham & Taft LLP on

The Federal Deposit Insurance Corporation (“FDIC”) published its annual Risk Review this past Monday, providing an overview of banking conditions for 2022 through early 2023. The FDIC started providing Risk Reviews to the...more

Troutman Pepper

Fed Provides Details of Novel Banking Activities and Cryptocurrency Supervisory Program

Troutman Pepper on

On August 8, the Federal Reserve Board (Fed) issued a press release providing additional information on its Novel Activities Supervision Program (Program) to monitor novel activities in the banks it oversees. Novel activities...more

Brownstein Hyatt Farber Schreck

Crypto Policy Questions Linger Weeks After Historic Banking Crisis

Brownstein Hyatt Farber Schreck on

The crypto industry is at a critical juncture: As it continues to operate absent clear regulatory guidance (other than by enforcement) and prospects dim for legislation that would create a roadmap for regulation—the...more

Shipkevich PLLC

New Jersey Legislation to Regulate Virtual Currencies Likely to Become Law

Shipkevich PLLC on

Overview - New Jersey is positioned to adopt seminal legislation that is sure to alter the regulatory dynamic for cryptocurrency-focused businesses that operate within the state. The Digital Asset and Blockchain...more

Latham & Watkins LLP

New York Department of Financial Services Issues Crypto Custody Guidance

Latham & Watkins LLP on

The Guidance clarifies the regulator’s expectations on safekeeping customer digital assets, and the disclosures that must accompany such arrangements. On January 23, 2023, the New York Department of Financial Services...more

Mayer Brown Free Writings + Perspectives

Virtual Currency Activity Prior Approval Requirement Established by NYDFS

Mayer Brown Free Writings + Perspectives on

On December 15, 2022, the New York Department of Financial Services (“NYDFS”) issued guidance clarifying that all New York banking organizations are required to obtain prior agency approval for virtual currency-related...more

BakerHostetler

The Tax Man Isn't Leaving: The IRS Continues to Issue John Doe Summonses Relating to Virtual Currency Transactions

BakerHostetler on

Key Takeaways - ..A court approved the issuance of a John Doe summons by the IRS to a bank aimed at identifying individuals who are potentially avoiding their income tax obligations relating to cryptocurrency...more

McGlinchey Stafford

Video: Introduction A Deep Dive into DeFi Decentralized Finance

McGlinchey Stafford on

The world of decentralized finance, blockchains, virtual and cryptocurrency have grown exponentially in recent years. Many financial institutions are looking to enter or expand their operations in the digital economy, but the...more

Oberheiden P.C.

What Institutional Bankers Should Know About Cryptocurrency and Anti-Money Laundering Laws

Oberheiden P.C. on

For all of its upheaval, cryptocurrency seems like it is here to stay. This presents virtual currency businesses and institutional bankers with a dilemma: Do they capitalize on the increasingly powerful trend, or do they wait...more

Bennett Jones LLP

The Cullen Commission Explores the Issue of Money Laundering Through Virtual Assets

Bennett Jones LLP on

In June 2022, the Final Report of the Commission of Inquiry into Money Laundering in British Columbia was published. As previously reported by us in The Cullen Commission Releases Its Final Report on Money Laundering in...more

A&O Shearman

OCC Issues Consent Order Against A Digital Bank

A&O Shearman on

On April 21, 2022, the Office of the Comptroller of the Currency (OCC) issued a consent order against Anchorage Digital Bank, a digital asset bank based in South Dakota. Notably, Anchorage had previously become the first...more

Troutman Pepper

New Virginia Law Permits Banks to Provide Virtual Currency Custody Services

Troutman Pepper on

On April 11, Virginia enacted a new law (HB 263), which goes into effect on July 1, 2022, permitting “banks” to provide customers with “virtual currency custody services so long as the bank has adequate protocols in place to...more

Allen Matkins

Department Of Financial Protection & Innovation Issues Guidance Regarding "Situation in Ukraine and Russia"

Allen Matkins on

Last Friday, Commissioner Clothilde V. Hewlett issued guidance concerning the "situation in Ukraine and Russia".   The guidance reminds licensees of their obligations under federal, and to a lesser extent, California law. ...more

Nelson Mullins Riley & Scarborough LLP

Crypto Love is a Battlefield

Nelson Mullins Riley & Scarborough LLP on

The battle over blockchain technology and digital assets bears a striking resemblance to the debate over the potential of the internet in the mid-1990s. Where critics see a passing fad with little actual utility or a lawless...more

BakerHostetler

Financial Firms Plan Decentralized Exchange, Launch Digital Bond; NFTs Launch in Sports, Fashion; Blockchain Tracing Solutions...

BakerHostetler on

US and Swiss Financial Firms Announce Decentralized Exchange, Digital Bond - A major U.S. fintech and digital payments company recently released a white paper detailing tbDEX, a new decentralized protocol for exchanging...more

Sheppard Mullin Richter & Hampton LLP

OCC Chief Counsel Clarifies Bank Authority to Engage in Crypto

Sheppard Mullin Richter & Hampton LLP on

On November 18, the Chief Counsel of the Office of the Comptroller of the Currency (OCC) issued a fourth interpretive letter (Letter 1179) regarding whether it is permissible for national banks and federal savings...more

Troutman Pepper

The Rise of Cryptocurrency for Banks

Troutman Pepper on

On July 22, 2020, the Office of the Comptroller of the Currency (the OCC) confirmed in Interpretive Letter #1170 the authority of a national bank to provide cryptocurrency custody services. Since that time, the OCC has issued...more

K2 Integrity

[Webinar] Ask an Expert FINQuiry on High-Risk Banking - May 27th, 10:00 am - 11:00 am ET

K2 Integrity on

Join DOLFIN on Thursday, 27 May 2021, at 10 AM ET for DOLFIN’s “Ask an Expert FINQuiry” webinar, for a discussion with K2 Integrity’s financial crimes compliance professionals on the impact of ongoing developments in the...more

Robins Kaplan LLP

Financial Daily Dose 4.26.2021 | Top Story: Bitcoin Bounces Back Over 50k

Robins Kaplan LLP on

Bitcoin’s back (and no, it never really left), thanks to a rally this morning that pushed its value up as much as 10% at one point in early trading today. Elon Musk’s weekend tweeting and news that presumptive top NFL draft...more

Nelson Mullins Riley & Scarborough LLP

Talking Custody of Digital Assets

Nelson Mullins Riley & Scarborough LLP on

I had the pleasure of presenting at Bank Director Magazine's Inspired By Acquire or Be Acquired: What Officers and Directors Need to Know Now virtual conference, along with Rick Levin, earlier this month. Our...more

BakerHostetler

Financial Firms Move to Integrate Cryptocurrencies, Blockchain Solutions Announced Across Markets, Agencies Target Crypto Crimes...

BakerHostetler on

Payment Firms Adopt Cryptocurrencies, Company Purchases $1.5 Billion in Bitcoin - According to a press release, last week the Office of the Comptroller of the Currency provided conditional approval to Protego Trust Bank for a...more

Eversheds Sutherland (US) LLP

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

Eversheds Sutherland (US) LLP on

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

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