News & Analysis as of November 15, 2024

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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 -

Vermont and Pennsylvania Embrace Virtual Currency Regulation

Shipkevich PLLC on 7/31/2024

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

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

Cooley LLP on 11/30/2022

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

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

Sheppard Mullin Richter & Hampton LLP on 4/20/2022

“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

SFC Addresses Regulation of Managers of Virtual Asset Funds and Virtual Asset Discretionary Accounts

Dechert LLP on 11/6/2019

In light of an increasing demand for virtual asset investment products, the Hong Kong Securities and Futures Commission (SFC) has been taking steps to clarify the legal and regulatory requirements for this market. In this...more

NYDFS to Virtual Currency Exchange: Don’t Let the Door Hit You on Your Way Out

Orrick - On the Chain on 4/19/2019

The New York Department of Financial Services virtual currency license is back in the spotlight after NYDFS announced that it had rejected the application of Bittrex Inc., a virtual currency exchange, to conduct virtual...more

New York Virtual Currency Business License: What To Know

Cole Schotz on 9/26/2017

New York entrepreneurs in the virtual currency space must be careful to follow New York’s licensing requirements enacted under Financial Services Law Sections 102, 104, 201, 206, 301, 302, 309, and 408. Under the new...more

Coinbase the Latest to Obtain New York BitLicense

Ballard Spahr LLP on 2/9/2017

The New York State Department of Financial Services (“DFS”) has issued its fifth BitLicense to date, continuing a marked effort to bring legitimacy and controls to the virtual currency (“VC”) industry, whose advantages in...more

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