News & Analysis as of August 21, 2025

Financial Services Industry

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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 -

Regulatory & Risk Advisory Review: Cayman Islands – April to June 2025

Conyers on 8/19/2025

Welcome to the latest edition of our Regulatory & Risk Advisory Review. In this issue, we explore key regulatory updates and emerging trends to help you stay informed and ahead in today’s dynamic compliance environment. The...more

NYDFS announces $48.5M settlement over anti-money laundering deficiencies

Orrick, Herrington & Sutcliffe LLP on 8/18/2025

NYDFS Superintendent Harris announced a $48.5 million settlement with a virtual currency trust company on August 7, resolving allegations of anti-money laundering program deficiencies and failures in due diligence related to...more

CSBS Issues Guidance on Virtual Currency and Tangible Net Worth

Troutman Pepper Locke on 7/9/2025

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

Connecticut provides new laws for seizure and forfeiture of virtual currency and virtual currency wallets

Orrick, Herrington & Sutcliffe LLP on 6/30/2025

On June 23, the governor of Connecticut approved SB 6990 to establish new laws and amend existing ones regarding the seizure and forfeiture of virtual currency and virtual currency wallets in Connecticut. The new law states...more

United States: The Continuing Shift to Modern Money Transmission Laws

K&L Gates LLP on 5/13/2025

Within the past two months, three states have adopted the Money Transmission Modernization Act (MTMA). The governors of Virginia, Mississippi, and most recently Colorado, signed bills that implement the MTMA, and two other...more

Ten things every VASP should know about the BVI Virtual Assets Service Providers Act, 2022

Carey Olsen on 4/8/2025

The Virtual Assets Service Providers Act, 2022 (the “VASP Act”) came into force on 1 February 2023. The VASP Act regulates virtual asset service providers (“VASPs”) and requires that VASPs be registered with the BVI Financial...more

Amendments to the regulatory framework for virtual assets in the Cayman Islands

Carey Olsen on 3/31/2025

On 1 April 2025, several key updates will be made to the framework for the regulation of virtual assets in the Cayman Islands. These updates include the introduction and commencement of the VASP licencing framework for...more

Blockchain and Digital Assets News and Trends – January 2025

DLA Piper on 1/28/2025

This periodic bulletin is designed to help companies identify important legal developments governing the use and acceptance of blockchain technology, smart contracts, and digital assets. While the use cases for blockchain...more

GLI British Virgin Islands blockchain and cryptocurrency regulation 2025, seventh edition

Carey Olsen on 1/8/2025

Regulatory clarity in the digital assets and crypto space continues to be a moving target. Yet, the interest among policymakers and regulators worldwide has never been more pronounced. In the United States, 2024 was a pivotal...more

Riding the Wave: How the Crypto Surge is Influencing Finance

Sheppard Mullin Richter & Hampton LLP on 1/6/2025

As 2024 concludes, financial markets are witnessing significant shifts, particularly within the world of cryptocurrency. As crypto investors profit, many cash out from more volatile assets, such as Bitcoin, to safer options...more

Troutman Pepper Weekly Consumer Financial Services Newsletter - November 2024 # 4

Troutman Pepper Locke on 11/27/2024

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

International Sanctions Requirements for Virtual Asset Service Providers: a Cayman Perspective

Conyers on 11/20/2024

As the war continues to rage on the Eastern front between Russia and Ukraine, the financial sanctions resulting from the initial invasions and ongoing conflict seem likely to continue to play a significant part in the global...more

Blockchain 2024: BVI (Legal 500)

Carey Olsen on 11/19/2024

Carey Olsen has contributed to The Legal 500 Country Comparative Guide 2024 for Blockchain. The aim of this guide is to provide its readers with a pragmatic overview of the law and practice of blockchain law across a variety...more

Blockchain+ Bi-Weekly; Highlights of the Last Two Weeks in Web3 Law: November 14, 2024

Polsinelli on 11/14/2024

After a relatively quiet October for Web3 legal developments, November has kicked off with significant activity, primarily centered around ongoing lawsuits and regulatory enforcement actions. In addition to these legal...more

A guide to blockchain and cryptocurrency regulation 2024: British Virgin Islands (GLI chapter)

Carey Olsen on 10/10/2024

Chris Duncan and Katrina Lindsay have authored the British Virgin Islands (BVI) chapter of Global Legal Insight's sixth edition guide to blockchain and cryptocurrency regulation. The chapter covers the BVI legal requirements...more

The Importance of Sound Corporate Governance for Virtual Asset Service Providers: Lessons from Past Failures

Conyers on 10/3/2024

In recent years, the virtual asset industry has experienced exponential growth, bringing about innovations in digital payments, tokenisation and decentralised finance (Defi). While highly innovative, the volatile nature of...more

Blockchain and Digital Assets News and Trends - September 2024

DLA Piper on 9/27/2024

This monthly bulletin is designed to help companies identify important legal developments governing the use and acceptance of blockchain technology, smart contracts, and digital assets....more

Blockchain and Digital Assets News and Trends - August 2024

DLA Piper on 9/3/2024

This monthly bulletin is designed to help companies identify important legal developments governing the use and acceptance of blockchain technology, smart contracts, and digital assets....more

Will Resiliency Carry the Digital Asset Sector Through 2024: State-Level Developments — The Crypto Exchange Podcast

Troutman Pepper Locke on 5/7/2024

In the third episode of this four-part series, Ethan, Addison, and Trey discuss several state-level developments that occurred in the digital asset sector during 2023. The group discusses the inception of New York Department...more

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

Blockchain Analysis and Related Expert Testimony Admissible In Criminal Trial

Ballard Spahr LLP on 3/19/2024

It is challenging for law enforcement to track down and trace illicit activities conducted through digital currencies. The process can be very time- and resource-intensive. Further, securing charges and arrests, and...more

Crypto is Here to Stay in 2024, So Be Careful How You Talk About It

Faegre Drinker Biddle & Reath LLP on 2/2/2024

More than ever before, financial services regulators must increasingly adapt to technological advances. Perhaps no other technological advancement is more important right now than crypto currency. Crypto currency is defined...more

Treasury Cries “Uncle” to Crypto Industry: Crypto Reporting Delayed

Cadwalader, Wickersham & Taft LLP on 1/24/2024

On January 16th, the IRS published Announcement 2024-4 (the “Announcement”), postponing certain reporting requirements for large crypto transactions which were set to go into effect for the 2024 tax year. Persons engaged in...more

NYDFS Proposes Updates to Guidance for Listing and Delisting Digital Assets

Perkins Coie on 9/29/2023

What Happened? The New York Department of Financial Services (NYDFS or Department) released proposed updates to its guidance on the self-certification process for listing and delisting digital assets. It also announced...more

The Virtual Currency Regulation Review - September 2023

Stikeman Elliott LLP on 9/28/2023

I INTRODUCTION TO THE LEGAL AND REGULATORY FRAMEWORK - Canada currently has no comprehensive framework governing the regulation of digital assets. Securities and derivatives regulation has emerged as the main regulatory...more

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