News & Analysis as of

Money Transmitter Virtual Currency Licenses

Alston & Bird

The (Bay) State of the Model Money Transmission Modernization Act

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Massachusetts has joined the growing list of states that have at least partially adopted the Model Money Transmission Modernization Act. Our Financial Services Group examines the model act, how the Bay State has adopted it,...more

Shipkevich PLLC

Michigan Suspends FTX Lend Money Transmitter License and Orders FTX US License as Expired

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On January 10, 2023 by the Michigan Department of Insurance and Financial Services (DIFS), issued an order regarding two companies, West Realm Shires Services, Inc. dba FTX US (“FTX US”) and FTX Lend Inc. Both companies are...more

Shipkevich PLLC

Louisiana Adopts Virtual Currency License

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Louisiana has become the first state to follow New York's lead in issuing a crypto-specific license, accepting Louisiana Virtual Currency Business Activity (VCBA) license applications as of January 1, 2023. All entities...more

Shipkevich PLLC

2023 Statutory Update to Alaska and Florida Virtual Currency & Money Transmission Laws

Shipkevich PLLC on

On January 1, 2023, updates to virtual currency and money transmission laws went into effect. Alaska: Alaska's money transmission regulations have been amended to include virtual currency in the scope of money...more

Ballard Spahr LLP

D.C. Department of Insurance, Securities and Banking issues bulletin on money transmission

Ballard Spahr LLP on

On August 8, 2022, the District of Columbia Department of Insurance, Securities and Banking (the Department”) issued a Bulletin on money transmission (the “Bulletin”). The Department issued the Bulletin to ensure that...more

Cole Schotz

State Regulations Of Digital Assets

Cole Schotz on

As digital assets, and cryptocurrencies specifically, have continued to gain worldwide popularity, you might be wondering whether you can pursue opportunities within the industry. The answer in large part depends on what type...more

Goodwin

State Regulation Roundup Revisited

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As discussed in a previous post, several states are in various stages of implementing regulations related to digital currency. Below is an updated summary of the actions currently underway....more

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