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Virtual Currency › Cryptoassets › Financial Services Industry

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 -
DLA Piper

Blockchain and Digital Assets News and Trends - August 2024

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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

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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

Troutman Pepper

FinCEN to Shed Light on Illicit Use of Virtual Currency Mixing Through Enhanced Record Keeping and Reporting Requirements

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The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recently announced a Notice of Proposed Rulemaking (NPRM) that identifies international convertible virtual currency mixing as a class of...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - October 2023 # 4

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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

Troutman Pepper

Fed Provides Details of Novel Banking Activities and Cryptocurrency Supervisory Program

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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

Latham & Watkins LLP

New York Department of Financial Services Issues Crypto Custody Guidance

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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

Wilson Sonsini Goodrich & Rosati

Coinbase Agrees to Pay $100 Million and Improve Compliance Program as Regulators Continue Scrutiny of Crypto Asset Companies

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The consent order issued by the New York Department of Financial Services (NYDFS) to crypto asset exchange, Coinbase, serves as a reminder of regulators’ growing interest in ensuring that crypto asset companies meet their...more

Cadwalader, Wickersham & Taft LLP

Bank Regulators Issue Joint Statement on Crypto-Asset Risks

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On the first business day of the year, January 3, 2023, the Board of Governors of the Federal Reserve System (“the Fed”), the Federal Deposit Insurance Corporation (“FDIC”) and the Office of the Comptroller of the Currency...more

Conyers

BVI to Introduce the Virtual Assets Service Providers Act

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The British Virgin Islands (“BVI”) is proposing to introduce virtual assets service provider (“VASP”) legislation and has recently circulated a draft bill in the form of the Virtual Assets Service Providers Act, 2022 (the...more

Troutman Pepper

CFPB Finds Fraud and Transaction Issues Rank High Among Crypto-Asset Complaints

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On November 10, the Consumer Financial Protection Bureau (CFPB) released a new complaint bulletin, highlighting consumer complaints it has received related to crypto-assets. The bulletin suggests that fraud, theft, hacks, and...more

Bennett Jones LLP

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

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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

Katten Muchin Rosenman LLP

FDIC Requires Reporting of Crypto-Related Activities

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Any Federal Deposit Insurance Corporation (FDIC)-supervised institution that is considering engaging in crypto-related activity must now notify the FDIC of its intent and provide all necessary information to create a dialogue...more

Proskauer - Blockchain and the Law

UK Financial Conduct Authority Consults on Its Financial Promotion Rules for Cryptoassets and Other High-Risk Investments

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On 19 January 2022, the UK Financial Conduct Authority (“FCA”) published a consultation paper (CP22/2) (the “Consultation”) setting out its proposals to strengthen its financial promotion rules for high-risk investments...more

Bilzin Sumberg

Regulators Gallop To Cryptocurrency's "Wild West"

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Even enthusiastic participants in the booming cryptocurrency sector have at times described it as having a distinctly “Wild West” feel at this relatively early stage of its development. Lately, though, there has been no...more

A&O Shearman

Bank of England and HM Treasury Announce Next Steps for UK Central Bank Digital Currency

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The Bank of England and HM Treasury have announced the next steps in the development of a U.K. Central Bank Digital Currency. These include the following...more

Hogan Lovells

Global Payments Newsletter, June 2021

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Key developments of interest over the last month include:  Hong Kong: FSTB publishes consultation conclusions on virtual asset services providers licensing regime Europe: European Commission publishes proposal for Regulation...more

BakerHostetler

Financial Firms Launch New Crypto Products, NFTs Trending, Crypto Exchange Acquires Broker-Dealer, SEC, DOJ, IRS and CFTC Actions...

BakerHostetler on

US Institutional Financial Firms, and Fintech Startups, Launch Crypto Products - A major U.S. financial services corporation announced this week that it would begin to settle transactions over the Ethereum Network in USD Coin...more

Hogan Lovells

G20 calls on countries to adopt FATF crypto standards

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The G20 has urged countries to adopt the Financial Action Task Force (FATF) standards on virtual assets and virtual asset service providers, which were adopted in June last year. ...more

Hogan Lovells

UK FCA becomes AML/CFT crypto supervisor

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The UK Financial Conduct Authority (FCA) has become the anti-money laundering and countering the financing of terrorism (AML/CFT) supervisor for some types of cryptoasset businesses. These will need to meet certain...more

Jones Day

Germany to Implement EU Anti-Money Laundering Directive with Cryptocurrency Licensing Requirements

Jones Day on

The Situation: The G20, a forum for governments and central bank governors from 19 countries and the European Union, had made the decision to combat money laundering and terrorism financing activities tied to the use of...more

A&O Shearman

European Banking Authority Reports on EU Regulatory Perimeter for Crypto-Assets

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The European Banking Authority has published a report on the application and suitability of the EU bank regulatory framework for crypto-assets. The report is in response to the European Commission's request in its FinTech...more

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