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Virtual Currency › Cryptocurrency › FATF

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 -
Awatif Mohammad Shoqi Advocates & Legal...

What are the Cryptocurrency Regulations in Dubai?

Awatif Mohammad Shoqi Advocates & Legal... on

In recent years, the global economy has witnessed the popularity and adoption of cryptocurrencies, with Dubai emerging as a notable player in this digital financial landscape. As the market for virtual assets continues to...more

Skadden, Arps, Slate, Meagher & Flom LLP

Recent Developments in the Regulation of Cryptocurrencies and Other Virtual Assets

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In a series of articles, we discuss recent efforts by U.S. regulators and other bodies to set expectations and standards with respect to cryptocurrencies and other virtual assets and the impact of these efforts on businesses...more

Skadden, Arps, Slate, Meagher & Flom LLP

FATF Updates Its Global Guidelines for the Regulation of Virtual Assets With an Eye to Emerging Technologies

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On October 28, 2021, the Financial Action Task Force (FATF), the international body that sets standards for anti-money laundering and countering the financing of terrorism (AML/CFT), released updated guidance addressing the...more

Polsinelli

Updated Guidance from the FATF Regarding a Risk-Based Approach for Virtual Assets and Virtual Asset Service Providers

Polsinelli on

On October 28, 2021, The Financial Action Task Force (FATF), an inter-governmental body that sets international standards with an aim to prevent global money laundering and terrorist financing, released updated guidance...more

BCLP

Regulatory Considerations for New Iterations in the Crypto and Digital Asset Space

BCLP on

Recent news coverage has highlighted two potentially watershed moments in the FinTech revolution: the rise of Decentralized Finance (“DeFi”) that challenges both traditional FinTechs and legacy financial institutions alike,...more

King & Spalding

FinCEN Proposes Lower Travel Rule Thresholds for Fiat and Virtual Currencies

King & Spalding on

In October of last year, we wrote about the challenges faced by virtual currency businesses in complying with the Travel Rule following new guidance from the Financial Action Task Force (FATF) and the Financial Crimes...more

Vinson & Elkins LLP

Cryptocurrency 101 – DOJ’s New Cryptocurrency Enforcement Framework Provides Guidance And Promises Of Heightened Scrutiny Of...

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On October 8, 2020, the Attorney General’s Cyber-Digital Task Force (“the Task Force”) issued its Cryptocurrency Enforcement Framework (the “Report”), which offers background on virtual assets, enforcement milestones, and...more

Barnea Jaffa Lande & Co.

Israel: How to Identify Suspicious Use of Virtual Currencies

Barnea Jaffa Lande & Co. on

Prompted by the use of digital currencies to fund terror and other illegal activity, the Israel Money Laundering and Terror Financing Prohibition Authority has published a document aimed at assisting financial bodies and law...more

K2 Integrity

Growing Regulatory Convergence Offers Opportunities for Compliant VASPs

K2 Integrity on

The growing rigor of virtual asset service provider (VASP) regulation and supervision globally has strengthened the compliance focus of leading VASPs, increasing their access to the traditional financial system and to...more

Orrick - On the Chain

FinCEN Sends Message to the Virtual Currency Industry: The Travel Rule Applies to You, Too

Orrick - On the Chain on

FinCEN Director Ken Blanco addressed this year’s Consensus Blockchain Conference on May 13, 2020. In a set of prepared remarks, Blanco recognized the unprecedented challenges that the COVID-19 pandemic has created for...more

Hogan Lovells

G20 calls on countries to adopt FATF crypto standards

Hogan Lovells on

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

Perkins Coie

Blockchain Week in Review - January 2020 #2

Perkins Coie on

U.S. Developments - U.S. Regulatory Developments - Bill Addressing Tax Treatment of Crypto Transactions Introduced to the House - On January 16, 2020, Congresswoman Suzan DelBene (WA) and Congressman David Schweikert...more

King & Spalding

Fake It Till You Make It: The Travel Rule And Virtual Currencies

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The Travel Rule is an old friend for those familiar with banking regulations and anti-money laundering rules. The Rule, first issued by FinCEN in 1995 with fiat currency in mind, requires banks and nonbank financial...more

BakerHostetler

Interbank Settlement Initiative and Crypto Payment Solutions Expand, SEC and International Enforcement Actions Continue

BakerHostetler on

Blockchain Developments in Interbank Settlement, Capital Markets, Cryptocurrency Payments - According to reports this week, a major German bank has joined the emerging payments initiative, built on the Quorum blockchain, of...more

Perkins Coie

Blockchain Week in Review - August 2019 #2

Perkins Coie on

U.S. Regulatory - Kik Files Answer to SEC Complaint - On August 7, Canadian messaging company Kik Interactive Inc. (“Kik”) filed its answer to the U.S. Securities and Exchange Commission’s (“SEC”) complaint filed in the...more

Katten Muchin Rosenman LLP

Corporate & Financial Weekly Digest, Featuring Articles on the Latest Guidance From FINRA and the CFTC, and an FCA Paper...

Katten Muchin Rosenman LLP on

BROKER-DEALER - Division of Trading and Markets and FINRA Staffs Issue Joint Statement on Broker-Dealer Custody of Digital Asset Securities - On July 8, in response to questions raised by market participants regarding...more

Ballard Spahr LLP

Financial Action Task Force Drops the Regulatory Hammer on Virtual Currency

Ballard Spahr LLP on

On June 21, 2019, the Financial Action Task Force (“FATF”), a multi-national, inter-governmental body established in 1989 “to set standards and promote effective implementation of legal, regulatory and operational measures...more

A&O Shearman

Financial Action Task Force Reports to G20

A&O Shearman on

The Financial Action Task Force has published a Report to G20 Finance Ministers and Central Bank Governors on its ongoing work to fight money laundering and terrorist financing. The report summarizes the FATF's work...more

Foodman CPAs & Advisors

The Financial Action Task Force and Virtual Assets

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The FATF (FATF) is an inter-governmental body with 38 members that sets standards and promotes the implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and threats...more

Perkins Coie

Blockchain Week in Review - December 2018

Perkins Coie on

U.S. Developments - SEC Remarks on International Virtual Currency Enforcement - On December 5, 2018, Steven Peikin, Co-Director of the Division of Enforcement at the U.S. Securities and Exchange Commission (“SEC”), gave a...more

Perkins Coie

Blockchain Week in Review - October 2018 #3

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FATF Issues Virtual Currency Guidance - On October 19, the Financial Action Task Force (“FATF”) published the outcomes of its Plenary meeting. Included in the outcomes of the meeting were new recommendations related to the...more

Akin Gump Strauss Hauer & Feld LLP

Developments in Cryptocurrency in 2018

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• The U.S. Securities and Exchange Commission (SEC) staff made official statements regarding when a token may or may no longer be a security • The SEC continued to bring actions related to cryptocurrency offerings against...more

Perkins Coie

Blockchain Week in Review - July 2018 #2

Perkins Coie on

U.S. Developments - Regulatory Updates - CFTC Issues Customer Advisory Urging Public to Use Caution When Buying Virtual Currencies - On July 16, 2018, the U.S. Commodity Futures Trading Commission (“CFTC”) issued...more

Hogan Lovells

G20 looks at October deadline for cryptocurrency AML regulation standards

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What has happened? G20 member countries are looking at an October deadline for reviewing a global anti-money laundering (AML) standard on cryptocurrency....more

Ballard Spahr LLP

Global Regulators to Maintain AML Pressure on the Cryptocurrency Industry

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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

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