News & Analysis as of September 13, 2024

Virtual Currency › Digital Service Providers

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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 -

Regulating Unlicensed Virtual Asset Providers: A Comprehensive Guide

Awatif Mohammad Shoqi Advocates & Legal... on 4/24/2024

In recent years, the world has witnessed rapid growth in the popularity and adoption of virtual assets, including cryptocurrencies, non-fungible tokens (NFTs), and various other digital assets. With this rise, however, comes...more

Trends in CFTC Virtual Currency Enforcement Action

Cornerstone Research on 10/6/2023

The U.S. Commodity Futures Commission (CFTC) is one of the main regulators engaged in the cryptocurrency space. Between the first quarter of 2015 and the second quarter of 2023, the CFTC brought 100 actions against virtual...more

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

Polsinelli on 11/2/2021

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

Growing Regulatory Convergence Offers Opportunities for Compliant VASPs

K2 Integrity on 6/3/2020

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

G20 calls on countries to adopt FATF crypto standards

Hogan Lovells on 2/28/2020

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

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