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Banking Sector Virtual Currency

Wilson Sonsini Goodrich & Rosati

Association of State Financial Regulators Issues Guidance on Virtual Currency for Licensed Money Transmitters

Recognizing the evolving landscape of digital finance, the Conference of State Bank Supervisors (CSBS), an association of state financial regulators, issued advisory guidance on the treatment of virtual currency held on a...more

Troutman Pepper Locke

CSBS Issues Guidance on Virtual Currency and Tangible Net Worth

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On June 26, the Conference of State Bank Supervisors (CSBS) released new guidance regarding the treatment of virtual currency in the calculation of a licensee’s tangible net worth under the Money Transmission Modernization...more

Hogan Lovells

The Payments Newsletter including Digital Assets & Blockchain, October 2024

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Key developments of interest over the last month include: the UK FCA publishing a consultation on two-stage reforms to the payments and e-money safeguarding regime; the U.S. Consumer Financial Protection Bureau announcing a...more

Hogan Lovells

The Payments Newsletter including Digital Assets & Blockchain, September 2024

Hogan Lovells on

Key developments of interest over the last month include: the UK Payment Systems Regulator publishing a policy statement on directing APP scams reimbursement for CHAPS payments and final guidance on distinguishing between APP...more

Wilson Sonsini Goodrich & Rosati

Focus on Fintech – Q1 2024

In this latest edition, our attorneys discuss updates and developments from federal regulators, including those related to the intersection of fintech and artificial intelligence, cryptocurrency and virtual currency updates,...more

Hudson Cook, LLP

"OVER THE LINE!"  Where Banking and Gaming Intersect, the CFPB Has Something to Say.

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The line between virtual and reality is getting thinner. Gamers pay gaming companies real currency for virtual in-game currency to buy skins, create the world they want to live in (virtually), or purchase loot that aid in...more

American Conference Institute (ACI)

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

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

White & Case LLP

Virtual Asset Regulators in the UAE: A comparison of the different licensing frameworks

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In recent years, regulators within the United Arab Emirates (the UAE) have worked to foster an environment for the sustainable growth of the UAE virtual asset sector through the enactment of several regulatory measures...more

Brownstein Hyatt Farber Schreck

Crypto Policy Questions Linger Weeks After Historic Banking Crisis

The crypto industry is at a critical juncture: As it continues to operate absent clear regulatory guidance (other than by enforcement) and prospects dim for legislation that would create a roadmap for regulation—the...more

Ballard Spahr LLP

NYDFS Releases Virtual Currency Guidance for Banking Organizations

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On December 15, 2022, the New York Department of Financial Services (“NYDFS”) published an Industry Letter detailing the Department’s guidance regarding banking organizations that wish to engage in virtual currency-related...more

Alston & Bird

New York State Department of Financial Services Outlines Prior Approval Process for Virtual Currency-Related Activity

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The New York State Department of Financial Services has issued an industry letter detailing the prior approval process for all New York banking organizations seeking to engage in new or significantly different virtual...more

BakerHostetler

Treasury Plans Significant Actions to Curb Illicit Digital Asset Financing

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As part of a coordinated effort with the U.S. Secretary of State, Attorney General, Secretary of Commerce, Secretary of Homeland Security, Director of the Office of Management and Budget, Director of National Intelligence,...more

McGlinchey Stafford

Video: Introduction A Deep Dive into DeFi Decentralized Finance

McGlinchey Stafford on

The world of decentralized finance, blockchains, virtual and cryptocurrency have grown exponentially in recent years. Many financial institutions are looking to enter or expand their operations in the digital economy, but the...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

Bennett Jones LLP

The Cullen Commission Explores the Issue of Money Laundering Through Virtual Assets

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In June 2022, the Final Report of the Commission of Inquiry into Money Laundering in British Columbia was published. As previously reported by us in The Cullen Commission Releases Its Final Report on Money Laundering in...more

BakerHostetler

New NFT Initiatives Launch Across Industries; Banking Agencies Publish Crypto Guidance; Enforcement Agencies Bring Crypto Actions;...

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New NFT Initiatives Announced in Jewelry, Automobile and Liquor Industries - A U.S. luxury jeweler has reportedly partnered with the popular NFT (non-fungible tokens) collection CryptoPunk to transform the digital...more

Robinson+Cole Data Privacy + Security Insider

Privacy Tip #337 - FBI Issues Warning About Cryptocurrency Apps

On July 18, 2022, the FBI issued an Alert advising consumers that fraudulent cryptocurrency apps have caused more than 244 victims to lose nearly $43 million. The fraudulent apps that cyber criminals used to steal funds...more

Wilson Sonsini Goodrich & Rosati

Focus on Fintech - Wilson Sonsini Quarterly Fintech Update - July 2022

Welcome to Wilson Sonsini’s Focus on Fintech quarterly newsletter. This quarterly newsletter provides ongoing analysis and commentary on regulatory developments impacting the fintech industry....more

Barnea Jaffa Lande & Co.

Bank of Israel Continues to Regulate Use of Cryptocurrencies

Israel’s financial regulatory authorities are regulating virtual currencies (cryptographic currencies) due to their steady increase in use. For example, the Capital Market, Insurance and Savings Authority (CMISA) issued an...more

Alston & Bird

U.S. Government Steps Up Its Enforcement in the Digital Assets Space

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Our Blockchain & Digital Assets Team offers a snapshot sample of significant recent developments by a panoply of federal agencies and departments that represent the expanding array of enforcement tools used by federal...more

Skadden, Arps, Slate, Meagher & Flom LLP

NY Department of Financial Services Outlines How Blockchain Analytics Should Be Used for Compliance

On April 28, 2022, the New York State Department of Financial Services (DFS) issued guidance on the use of blockchain analytics for virtual currency businesses licensed under 23 NYCRR part 200 (also known as a BitLicense) or...more

A&O Shearman

OCC Issues Consent Order Against A Digital Bank

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On April 21, 2022, the Office of the Comptroller of the Currency (OCC) issued a consent order against Anchorage Digital Bank, a digital asset bank based in South Dakota. Notably, Anchorage had previously become the first...more

Troutman Pepper Locke

New Virginia Law Permits Banks to Provide Virtual Currency Custody Services

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On April 11, Virginia enacted a new law (HB 263), which goes into effect on July 1, 2022, permitting “banks” to provide customers with “virtual currency custody services so long as the bank has adequate protocols in place to...more

White & Case LLP

Dubai moves to become a global hub for digital assets: A first look at the Dubai Virtual Assets Law

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On 28 February 2022, the Ruler of Dubai issued Law No.4 of 2022 on the Regulation of Virtual Assets (the "DVAL") in Dubai, which came into effect on 11 March 2022. The DVAL is the first law in Dubai, which specifically...more

Orrick - On the Chain

With Regulation on the Rise, Congressional Blockchain Caucus Steps Up to Test SEC’s Approach

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Coming quickly on the heels of the Biden Administration’s Executive Order on Digital Assets, the Congressional Blockchain Caucus has signaled it will be watching new regulation closely in line with their belief in a “light...more

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