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Virtual Currency › Financial Services Industry

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... more +
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 -
Ballard Spahr LLP

FinCEN’s Focus on Cryptocurrency Kiosks and Financial Crime

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On August 4, 2025, the Financial Crimes Enforcement Network (“FinCEN”) issued Notice FIN-2025-NTC1 (the “Notice”) to address mounting concerns over regulatory risks related to convertible virtual currency (“CVC”) kiosks, also...more

Conyers

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

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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

Orrick, Herrington & Sutcliffe LLP

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

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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

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

Orrick, Herrington & Sutcliffe LLP

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

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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

Alston & Bird

NYDFS Issues Guidance on Heightened Cybersecurity and Sanctions Risk from Global Conflict

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Overview - On June 23, 2025, the New York State Department of Financial Services (“NYDFS”) issued an industry letter encouraging all regulated entities to review their cybersecurity and sanctions compliance programs in light...more

K&L Gates LLP

United States: The Continuing Shift to Modern Money Transmission Laws

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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

Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – April 2025 # 5

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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

Carey Olsen

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

Carey Olsen on

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

Carey Olsen

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

Carey Olsen on

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

Troutman Pepper Locke

Virtual Currency Regulations: Key Insights for the Payments Industry — Payments Pros – The Payments Law Podcast

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In the latest episode of Payments Pros, hosts Keith Barnett and Carlin McCrory discuss the latest FinCEN and OFAC guidance on virtual currency transactions, specifically tailored for companies in the payments industry. They...more

Awatif Mohammad Shoqi Advocates & Legal...

Regulations On Virtual Assets To Counter Proliferation Financing And Prevent Money Laundering

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The advent and rise of cryptocurrency have been a disruptor to the traditional currency system. Even outside the virtual aspect of the currency, the concept is novel due to its accessibility and the level of anonymity...more

DLA Piper

Blockchain and Digital Assets News and Trends – January 2025

DLA Piper on

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

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

Carey Olsen

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

Carey Olsen on

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

Sheppard Mullin Richter & Hampton LLP

Riding the Wave: How the Crypto Surge is Influencing Finance

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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 Locke

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

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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

Davis Wright Tremaine LLP

National Trust Banks – Revisited for Crypto and Payments

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In the absence of modern charters and licenses, payments companies and other fintechs—both established financial services providers and new market entrants—must generally obtain 50+ money transmitter and possibly other state...more

Conyers

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

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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

Carey Olsen

Blockchain 2024: BVI (Legal 500)

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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

Polsinelli

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

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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

Hudson Cook, LLP

Pay to Play? CFPB Warns Consumers about Risks of Video Game Currency and In-Game Purchases

Hudson Cook, LLP on

The Consumer Financial Protection Bureau (CFPB) has turned its attention to in-game currencies and purchases (commonly referred to as "microtransactions or "downloadable content"). On August 28, 2024, the CFPB followed up its...more

Carey Olsen

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

Carey Olsen on

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

Conyers

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

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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

Saul Ewing LLP

The Consumer Financial Protection Bureau vs. the Video Game Industry

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In this episode of “Lawyers With Game,” host Darius Gambino from Saul Ewing’s Video Gaming & Esports Practice chats with partner Jason McElroy from Saul’s Consumer Financial Services Litigation practice. They discuss a recent...more

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