News & Analysis as of August 4, 2025

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 -

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

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

New York Department of Financial Services to Start Charging Assessments to Virtual Currency Businesses

Troutman Pepper Locke on 4/14/2022

The fiscal year 2022-2023 budget for New York, which takes effect in two months, includes requiring the New York Department of Financial Services (NYDFS) to charge a new “assessment” to all virtual currency businesses...more

New York's Relaxed BitLicense Could Still Take Lessons From Wyoming's Permissive Approach

Carlton Fields on 7/28/2020

New York’s slogan “if you can make it here, you can make it anywhere” seems like it was written specifically for cryptocurrency companies. Since 2015, the New York Department of Financial Services (NYDFS) established a...more

New York Proposes Conditional BitLicense Framework

Proskauer - Blockchain and the Law on 7/20/2020

The New York State Department of Financial Services (the “NYDFS”), as a part of a series of virtual currency initiatives, proposed in June a framework for applying for and obtaining a virtual currency Conditional BitLicense....more

Louisiana Becomes Second State To Require Virtual Currency Licensing

Morrison & Foerster LLP on 7/16/2020

Developments in virtual currency regulation have been top-of-mind with recently announced initiatives from the New York Department of Financial Services. Companies engaging in virtual currency activity should also, however,...more

Piggyback Ride to New York BitLicense

Sullivan & Worcester on 7/14/2020

On June 24, 2020, the New York Department of Financial Services (the "NYDFS") announced it is considering a proposal to issue conditional licenses (a "Conditional License") for companies to begin virtual currency activities...more

Wyoming, the “Equality State,” Seeks to Level the Playing Field for Digital Assets Businesses

Orrick - On the Chain on 12/4/2019

In its continued effort to establish itself as the go-to jurisdiction for digital asset businesses, Wyoming, through its Department of Audit, Division of Banking, recently published a digital asset custody regime for its...more

Germany to Implement EU Anti-Money Laundering Directive with Cryptocurrency Licensing Requirements

Jones Day on 7/1/2019

The Situation: The G20, a forum for governments and central bank governors from 19 countries and the European Union, had made the decision to combat money laundering and terrorism financing activities tied to the use of...more

New York Approves Nationwide Licensing Tool for Virtual Currency Business Activity Companies

Proskauer - Blockchain and the Law on 1/14/2019

New York State has taken measures this year to modernize its approach to regulation for blockchain-based companies. Even before Assembly Bill A8783B established a government task force to study the effects of blockchain and...more

Vermont Enacts Loan Solicitation License, Amends Other Financial Regulation Licensing Provisions

Ballard Spahr LLP on 6/5/2017

Entities engaged in the business of loan solicitation are now required to be licensed with the Vermont Department of Financial Regulation following the recent enactment of Act 22. Loan comparison websites, lead generators,...more

11 Results

View per page

Page: of 1

Virtual Currency › Licensing Rules › Financial Services Industry

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