News & Analysis as of November 19, 2024

Financial Services Industry

+ Follow

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 -

CFPB Again Taking on Gaming Industry

Ballard Spahr LLP on 9/5/2024

On August 28, 2024, the CFPB issued a consumer advisory warning that many video games and “virtual worlds” increasingly resemble traditional banking and payment systems that allow the storage and exchange of billions of...more

First Attempt to Regulate Spot Digital Asset Activities

Cadwalader, Wickersham & Taft LLP on 4/6/2023

On March 29, the National Futures Association (“NFA”) promulgated Compliance Rule 2-51, setting forth Requirements for Members and Associates Engaged in Activities Involving Digital Asset Commodities, which includes both...more

Crypto Currently: New York Department of Financial Services Issues Virtual Currency Custody Guidance

WilmerHale on 2/9/2023

On January 23, the New York State Department of Financial Services (DFS or the Department) issued guidance clarifying its expectations for New York-based virtual currency businesses regarding the custody of customer assets...more

New York Department of Financial Services Issues Crypto Custody Guidance

Latham & Watkins LLP on 2/3/2023

The Guidance clarifies the regulator’s expectations on safekeeping customer digital assets, and the disclosures that must accompany such arrangements. On January 23, 2023, the New York Department of Financial Services...more

New York Issues New Guidance on Crypto Currency Custodial Structures

Shipkevich PLLC on 1/24/2023

On January 23, 2023, New York Department of Financial Services (DFS) released regulatory guidance to better protect customers in the event of virtual currency insolvency. The guidance is not binding, but rather persuasive...more

OFAC Issues Sanctions Compliance Guidance for Virtual Currencies

Faegre Drinker Biddle & Reath LLP on 12/13/2021

In October, the United States Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) published new guidance for the virtual currency industry focusing on compliance with the financial industry’s obligations...more

OFAC Sanctions Compliance Guidance for the Virtual Currency Industry

White & Case LLP on 11/22/2021

On October 15, 2021, the US Department of the Treasury’s Office of Foreign Assets Control ("OFAC") issued a brochure to promote sanctions compliance in the virtual currency industry (the "Guidance")1 and updated two related...more

OFAC Publishes New Guidance for the Virtual Currency Industry

Foley Hoag LLP - Security, Privacy and the... on 11/5/2021

The U.S Department of the Treasury’s Office of Foreign Assets Control (OFAC) has published guidance to aid members of the virtual currency industry (ranging from tech companies to brokers to users) in complying with OFAC...more

Sanctions Compliance for Crypto: OFAC Issues Guidance Targeting Virtual Currency Industry

Sheppard Mullin Richter & Hampton LLP on 10/22/2021

Last Friday, the Office of Foreign Assets Control (OFAC) published more targeted guidance for digital asset companies related to compliance with sanctions and best practices for mitigating risks. This guide comes on the heels...more

Guidance for the Virtual Currency Industry; 2021 Sanctions Review Shows Increasing Focus on Digital Transactions

Fenwick & West LLP on 10/21/2021

On October 15, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued tailored sanctions compliance guidance for those operating in the virtual currency industry, including technology...more

OFAC Releases New Detailed Guidance for the Digital Currency Industry

Perkins Coie on 10/20/2021

On October 15, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) released guidance on sanctions compliance for the digital currency industry, the agency’s most detailed guidance to date on...more

New York State Department of Financial Services Issues Guidance to Virtual Currency Entities

Proskauer - Blockchain and the Law on 2/22/2018

On February 7, 2018, the New York State Department of Financial Services (“DFS”) issued guidance for all virtual currency entities licensed by New York State regarding the prevention of market manipulation, fraud, and other...more

Open Session of the U.S. Senate’s Committee on Banking, Housing and Urban Affairs Hears Joint Testimony from Heads of the SEC,...

Perkins Coie on 2/7/2018

On February 6, 2018, the United States Senate Committee on Banking, Housing and Urban Affairs conducted a hearing entitled “Virtual Currencies: The Oversight Role of the U.S. Securities and Exchange Commission and the U.S....more

Fintech Week in Review – October 2017

Perkins Coie on 10/24/2017

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

14 Results

View per page

Page: of 1

Virtual Currency › New Guidance › Financial Services Industry

"My best business intelligence, in one easy email…"