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Virtual Currency › Cryptocurrency › Licensing Rules

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 -
Carey Olsen

A guide to blockchain and cryptocurrency regulation 2024: British Virgin Islands (GLI chapter)

Carey Olsen on

Chris Duncan and Katrina Lindsay have authored the British Virgin Islands (BVI) chapter of Global Legal Insight's sixth edition guide to blockchain and cryptocurrency regulation. The chapter covers the BVI legal requirements...more

Shipkevich PLLC

Vermont and Pennsylvania Embrace Virtual Currency Regulation

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In a continuing trend across U.S. states, Vermont and Pennsylvania have shown their intent to establish more oversight over the digital currency sector. New legislative amendments to Vermont’s financial services laws include...more

Proskauer - Blockchain and the Law

New York Department of Financial Services Issues Cryptocurrency-Related Guidance to Banks, Increases Regulatory Scope

Proskauer - Blockchain and the Law on

At a time when states are jockeying for position to become digital asset and cryptocurrency hubs and we’ve witnessed turmoil and regulatory uncertainty within the cryptoasset industry, the New York Department of Financial...more

Cooley LLP

Louisiana’s Virtual Currency Licensing Law Taking Effect (Finally)

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In August 2020, Louisiana adopted the Virtual Currency Businesses Act (VCBA) to regulate virtual currency activity in the state. In doing so, it joined New York as only the second US state to establish a stand-alone payments...more

Sheppard Mullin Richter & Hampton LLP

Louisiana Approves Virtual Custody Services and Proposes Virtual Currency Business Licensing Rules

Sheppard Mullin Richter & Hampton LLP on

Recently, the Louisiana lawmakers and regulators have taken steps to legalize operations in the state involving virtual currencies. On June 15, the Louisiana governor signed a bill that, effective August 1, 2022, will allow...more

Sheppard Mullin Richter & Hampton LLP

Thinking of Jumping on the NFT Bandwagon – Are you Prepared?

Sheppard Mullin Richter & Hampton LLP on

“NFT” was 2021’s word of the year. This isn’t too surprising—they’re everywhere! The market cap for NFT transactions jumped from roughly $400 million at the beginning of 2021 to over $7 billion by year’s end. What’s next...more

Carlton Fields

New York's Relaxed BitLicense Could Still Take Lessons From Wyoming's Permissive Approach

Carlton Fields on

New York’s slogan “if you can make it here, you can make it anywhere” seems like it was written specifically for cryptocurrency companies. Since 2015, the New York Department of Financial Services (NYDFS) established a...more

Proskauer - Blockchain and the Law

New York Proposes Conditional BitLicense Framework

Proskauer - Blockchain and the Law on

The New York State Department of Financial Services (the “NYDFS”), as a part of a series of virtual currency initiatives, proposed in June a framework for applying for and obtaining a virtual currency Conditional BitLicense....more

Morrison & Foerster LLP

Louisiana Becomes Second State To Require Virtual Currency Licensing

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Developments in virtual currency regulation have been top-of-mind with recently announced initiatives from the New York Department of Financial Services. Companies engaging in virtual currency activity should also, however,...more

Sullivan & Worcester

Piggyback Ride to New York BitLicense

Sullivan & Worcester on

On June 24, 2020, the New York Department of Financial Services (the "NYDFS") announced it is considering a proposal to issue conditional licenses (a "Conditional License") for companies to begin virtual currency activities...more

Sullivan & Worcester

New York Proposed Guidance on Virtual Currencies

Sullivan & Worcester on

On December 11, 2019, the New York State Department of Financial Services ("DFS") issued two proposed changes to the regime that is in place in New York for the regulation and licensing of virtual currency ("VC") businesses....more

Orrick - On the Chain

Wyoming, the “Equality State,” Seeks to Level the Playing Field for Digital Assets Businesses

Orrick - On the Chain on

In its continued effort to establish itself as the go-to jurisdiction for digital asset businesses, Wyoming, through its Department of Audit, Division of Banking, recently published a digital asset custody regime for its...more

Dechert LLP

AMLD5 in Germany: Implementation provides far-reaching licensing requirements for crypto-asset service providers

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German draft bill for the implementation of the 5th EU Anti-Money Laundering Directive provides for licensing requirements and an expansion of the address of the anti-money laundering obligations with regard to crypto-asset...more

Proskauer - Blockchain and the Law

New York State Department of Financial Services Establishes New Research and Innovation Division

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On July 23, the New York State Department of Financial Services (the “DFS”) issued a press release announcing the establishment of a new Research and Innovation Division (the “Division”) within the DFS....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

Hudson Cook, LLP

Current Developments in Bank Deposits and Payment Systems (Spring 2019)

Hudson Cook, LLP on

This survey summarizes several recent developments affecting bank deposits and payment systems. The U.S. department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued new guidance concerning the customer...more

Perkins Coie

Blockchain Week in Review - April 2019 #2

Perkins Coie on

U.S. Developments - Blockstack Files With SEC for Regulation A+ Token Sale - Blockstack, the New York-based blockchain software provider, has announced that it intends to make a $50 million token offering that would use...more

Dechert LLP

Financial Services Quarterly Report - First Quarter 2019: A U.S. Regulatory Patchwork Quilt: Cryptocurrency and Money Transmitter...

Dechert LLP on

According to its original design, Bitcoin was intended to reduce market participants’ need to rely on “financial institutions serving as trusted third parties to process electronic payments.”1 While Bitcoin and other...more

Proskauer - Blockchain and the Law

New York Approves Nationwide Licensing Tool for Virtual Currency Business Activity Companies

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New York State has taken measures this year to modernize its approach to regulation for blockchain-based companies. Even before Assembly Bill A8783B established a government task force to study the effects of blockchain and...more

Troutman Pepper

Virtual Currency, Real Risks

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CSBS publishes Draft Model Regulatory Framework to promote consistent state regulation of virtual currency activities and protect consumers in the event of a breach. In March 2014, “Mt. Gox,” one of the largest and best-known...more

Latham & Watkins LLP

Virtual Currencies: New York State Department of Financial Services Releases Proposed Regulations

Latham & Watkins LLP on

As the first of their kind, the proposed regulations may add legitimacy to virtual currencies, but the new regulatory regime could stifle innovation and development. On July 23, 2014, the New York State Department of...more

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