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Virtual Currency › Digital Currency › Anti-Money Laundering

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 -
Katten Muchin Rosenman LLP

FINRA Unveils Key Insights on Member Firms’ Digital Asset Activities

Katten Muchin Rosenman LLP on

The Financial Industry Regulatory Authority (FINRA) released a comprehensive update on its insights into its member firms’ involvement in crypto asset activities, revealing significant trends and compliance challenges in the...more

American Conference Institute (ACI)

[Event] 24th National Forum on Prepaid Accounts Compliance - April 8th, New York, NY

American Conference Institute (ACI) on

The 24th National Forum on Prepaid Accounts Compliance will address the latest developments impacting the prepaid industry and provide answers to the most pressing questions and challenges being faced by practitioners in this...more

Ballard Spahr LLP

Kraken Settlement Demonstrates Importance of Sanctions Monitoring for Transactions — Not Just When Onboarding Customers

Ballard Spahr LLP on

The Office of Foreign Assets Control (“OFAC”) announced (here and here) yesterday that virtual currency exchange Payward, Inc. – better known as Kraken – has agreed to pay $362,158.70 in order to settle its potential civil...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

K2 Integrity

Global Markets May Face Risk of Virtual Currency Abuse as Russian Actors Seek to Circumvent Sanctions

K2 Integrity on

The United States, the United Kingdom, and European Union have led a broad international coalition imposing a sweeping and unprecedented range of economic and financial sanctions against Russia and Belarus in response to...more

Troutman Pepper

New York Issues Guidance on Virtual Currency Regulations and Announces Strengthening Blockchain Analytics in Response to Sanctions...

Troutman Pepper on

On February 25, the New York State Department of Financial Services (NYDFS) issued Guidance to all individuals and entities subject to its regulation due to the rapidly evolving situation in Ukraine, following the Russian...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

White & Case LLP

Spain enacts first legislation to regulate cryptocurrencies

White & Case LLP on

On 21 October this year, the Bank of Spain created the registry where service providers for both the exchange of virtual currency for fiat currency and the custody of electronic wallets must register, as a result of the...more

The Volkov Law Group

What to Know About the DOJ’s National Cryptocurrency Enforcement Team

The Volkov Law Group on

In early October, U.S. Department of Justice (“DOJ”) Deputy Attorney General Lisa Monaco announced the creation of the National Cryptocurrency Enforcement Team (“NCET”).  The NCET will handle the Department’s investigations...more

Burr & Forman

Tuesday’s Rising Regulatory Chorus On Crypto

Burr & Forman on

This past Tuesday, September 21, the chorus calling for more regulation over crypto reached a sort of crescendo. The SEC - Earlier, in September 14 testimony before the Senate Banking Committee [1], former CFTC and current...more

McGlinchey Stafford

Cryptocurrency: Wild West or Wall Street? [More with McGlinchey, Ep. 22]

McGlinchey Stafford on

Every day, the mainstream media and social media are filled with references to cryptocurrency. Depending on who you ask, it’s either simply the next way to spend your money, or it’s a haven for criminal activity. In this...more

Perkins Coie

Blockchain Week in Review - December 2020 #2

Perkins Coie on

U.S. Developments - Members of Congress Request SEC Clarity On Digital Securities Custody - On December 9, a bipartisan group of representatives penned a letter to SEC Chairman Jay Clayton regarding the issue of...more

Spilman Thomas & Battle, PLLC

Cryptocurrency, Legitimate Uses, and Legal Issues

Spilman Thomas & Battle, PLLC on

Following the recent publication of the U.S. Attorney General's cryptocurrency enforcement framework, Spilman attorneys Corey Bonasso and Nick Mooney discuss cryptocurrencies, their legitimate uses, and some inherent legal...more

Spilman Thomas & Battle, PLLC

Decoded: Technology Law Insights - Issue 10, November 2020

Spilman Thomas & Battle, PLLC on

VIDEO: Cryptocurrency - Legitimate Uses and Potential Issues - Following the recent publication of the U.S. Attorney General's cryptocurrency enforcement framework, Spilman attorneys Corey Bonasso and Nick Mooney discuss...more

A&O Shearman

Prosecutors and Regulators Focus on Cryptocurrency Platforms and Anti-Money Laundering Requirements

A&O Shearman on

Prosecutors and regulators are signaling an intent to expand accountability amongst cryptocurrency platforms under U.S. laws and regulations, including the Bank Secrecy Act (BSA). On October 8, 2020, the United States...more

Perkins Coie

Blockchain Week in Review - May 2020 #3

Perkins Coie on

US Developments - Federal and State Regulatory Developments - OCC Announces a New Acting Comptroller of the Currency - On May 21, 2020, current Comptroller of the Currency Joseph M. Otting announced that he is stepping...more

BakerHostetler

Blockchain Supply Chain Pilots Expand, Securities Settlement Platform Goes Live, OCC Enters Into Consent Order With NY Bank for...

BakerHostetler on

Interest in Blockchain-Based Supply-Chain Initiatives Continues to Swell - Interest in blockchain-based supply-chain initiatives continues to swell. The Indonesia Customs and Excise Department recently announced a...more

Orrick - On the Chain

Power of the Peirce: SEC Commissioner Spends Some of Her Influence on Trying to Help Crypto Network Developers

Orrick - On the Chain on

SEC Commissioner Hester Peirce continues to be one of the most vocal persons in leadership positions at federal regulators who are promoting innovation in digital currency and the blockchain....more

BakerHostetler

Navy Awards Blockchain Contract, Crypto Loyalty Programs Advance, Australia Releases Blockchain Strategy, US Warns on Crypto AML...

BakerHostetler on

Blockchain Enterprise Applications Continue to Emerge Across Industries - A press release late last week announced that blockchain startup SIMBA Chain has been awarded a five-year, $9.5 million contract with the U.S. Navy...more

Orrick - On the Chain

Cryptocurrency and OFAC: Beware of the Sanctions Risks

Orrick - On the Chain on

A recent federal criminal action shows the depth of the U.S. government’s concern about the use of cryptocurrency (or virtual currency) to violate economic sanctions laws and the lengths to which it will go to charge such...more

BakerHostetler

Ethereum Fork Successful, Solutions Target Sneakers and Browsers, EU and NY Consider Regulations, Enforcement Actions Continue

BakerHostetler on

Ethereum Fork Implemented, Exchanges Expand Services, New Bitcoin Network Data - The Ethereum network’s Istanbul hard fork went forward late last week with the support of node operators, miners and cryptocurrency exchanges. ...more

Robinson+Cole Data Privacy + Security Insider

The Future of Stablecoins—Anything But Stable?

Robinson+Cole Data Privacy + Security Insider on

Stablecoin currencies such as Facebook’s Libra may pose systemic risks to the global financial system, according to a recently released Federal Reserve Report. In its Financial Stability Report released on November 19, 2019,...more

BakerHostetler

Multiple Enterprise Blockchain Applications Announced, SEC and CFTC Issue Guidance and Enforcement Actions

BakerHostetler on

Blockchains on Broadway, Smart Contracts Make Headway, Food Supply Chain and Health Applications Continue - The National Science Foundation has awarded SimplyVitalHealth Inc. a grant to further develop its blockchain...more

Polsinelli

BitBlog Weekly Summary

Polsinelli on

This week’s summary includes updates on anti-money laundering in the crypto-friendly nation of Malta and a proposal to regulate cryptocurrency miners in the United States to help stop human trafficking....more

Alston & Bird

FATF Expands AML Recommendations to Cover Cryptocurrencies and Other Virtual Assets

Alston & Bird on

Our White Collar, Government & Internal Investigations Group discusses how new guidance from the Financial Action Task Force affects virtual asset service providers (VASPs) and others that deal with virtual assets....more

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