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Virtual Currency › New Legislation

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 -
Orrick, Herrington & Sutcliffe LLP

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

Orrick, Herrington & Sutcliffe LLP on

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

Orrick, Herrington & Sutcliffe LLP

Rhode Island enacts new virtual currency kiosk provisions

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On June 23, the governor of Rhode Island signed into law HB 5121 which grants Rhode Island new currency transmission laws to regulate and establish new licensing, disclosure and anti-fraud requirements for virtual currency...more

Seyfarth Shaw LLP

Recent Passing of Hong Kong Stablecoins Bill

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On May 21, 2025, Hong Kong’s Legislative Council passed the Stablecoins Bill, establishing a regulatory framework for stablecoins–cryptocurrencies whose value is tied to an external asset or commodity. This marks an important...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

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

Massachusetts New Money Transmission Act Set To Broaden Payments Regulation Effective September 2025

Shipkevich PLLC on

On January 2, 2025, Massachusetts Governor Maura Healey signed the state’s new Money Transmission Act (“MTA” or the “Act”), Bill H4840, into law, introducing more stringent money transmission regulations for transmitters...more

Conyers

Advancing Virtual Asset Regulation in the Cayman Islands

Conyers on

Following consultations earlier this year, the Virtual Asset (Service Providers) (Amendment) Bill, 2024 (the Bill) has been gazetted and represents a major milestone in enhancing the Cayman Islands’ regulatory landscape for...more

Conyers

Stablecoins in the Cayman Islands

Conyers on

The evolution of the cryptocurrency landscape has led to the development and rapid adoption of stablecoins globally. A stablecoin, as the name suggests, is essentially a virtual asset that is designed to maintain a stable...more

Shipkevich PLLC

Vermont and Pennsylvania Embrace Virtual Currency Regulation

Shipkevich PLLC on

In a continuing trend across U.S. states, Vermont and Pennsylvania have shown their intent to establish more oversight over the digital currency sector. New legislative amendments to Vermont’s financial services laws include...more

Goodwin

Significant State Regulatory Development in the Virtual Currency Industry in California and New York

Goodwin on

California enacted its own version of New York’s “BitLicense” law, the Digital Financial Assets Law (DFAL), becoming one of the first US states to implement a virtual currency-specific regulatory regime. ...more

Perkins Coie

SEC Approves 11 Spot Bitcoin Exchange-Traded Products

Perkins Coie on

On January 10, the Securities and Exchange Commission gave the green light to 11 issuers that applied for bitcoin exchange-traded funds (ETFs). After a false announcement and a course change due to the ruling in Grayscale...more

A&O Shearman

California enacts two new virtual currency laws: What market participants need to know

A&O Shearman on

On October 13, 2023, California enacted two bills that significantly expand the regulation of virtual currency-related activities in California: Assembly Bill 39 (AB 39), known as the California Digital Financial Assets...more

Jenner & Block

Client Alert: California Enters the Arena of Virtual Currency Regulation

Jenner & Block on

After prolonged deliberation, California has finally decided to enter the virtual currency regulatory arena by adopting two virtual currency regulatory bills into law. The California Digital Financial Assets Law (“DFAL”),...more

Polsinelli

Blockchain+ Bi-Weekly - June 2023 #2

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The Blockchain Bi-Weekly presented by the Polsinelli Blockchain+ team is a rundown of some of the key stories in the Web3, blockchain and crypto ecosystems curated by our attorneys navigating the intersections of code, smart...more

Shumaker, Loop & Kendrick, LLP

Breaking Down the New Bitcoin Bill: An Overview of the Lummis-Gillibrand Responsible Financial Innovation Act

Shumaker, Loop & Kendrick, LLP on

On January 3, 2009, the pseudonymous “Satoshi Nakamoto” mined the first bitcoin. In the years following bitcoin’s creation, the price of a single bitcoin has increased exponentially, from essentially zero to an all-time high...more

McDermott Will & Emery

The Cryptocurrency Industry Breathes a Sigh of Relief Following President Biden’s Executive Order

McDermott Will & Emery on

On March 9, 2022, US President Joe Biden signed an unprecedented executive order directing federal agencies to coordinate their approach to clarifying cryptocurrency regulations. Sighs of relief were heard across the industry...more

Sheppard Mullin Richter & Hampton LLP

Virginia Approves Bill Allowing Banks to Offer Cryptocurrency Custody Services

Sheppard Mullin Richter & Hampton LLP on

On March 3, Virginia passed a new bill (HB 263) permitting banks in the Commonwealth to provide its customers with crypto custody services “so long as the bank has adequate protocols in place to effectively manage risks and...more

Sheppard Mullin Richter & Hampton LLP

President Biden Signs Executive Order Outlining Crypto Policy

Sheppard Mullin Richter & Hampton LLP on

On March 9, President Biden signed a highly anticipated executive order outlining his administration’s cryptocurrency policy. We have previously blogged about the Biden administration’s working group on stablecoins and the...more

A&O Shearman

Sanctions Roundup: Fourth Quarter 2021

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Closing the year with a renewed focus on the People’s Republic of China, the Biden Administration imposed new export restrictions on US-origin technology to Chinese tech firms to hinder the PRC’s military and security...more

White & Case LLP

Spain enacts first legislation to regulate cryptocurrencies

White & Case LLP on

On 21 October this year, the Bank of Spain created the registry where service providers for both the exchange of virtual currency for fiat currency and the custody of electronic wallets must register, as a result of the...more

Perkins Coie

Virtual Currency Legal Report - July 2021 #2

Perkins Coie on

U.S. Developments - Legislation - Congress Members Reintroduce Bill to Define Digital Assets - U.S. Representative Tom Emmer (MN-06) re-introduced legislation aimed at defining how regulators should classify and...more

Perkins Coie

Blockchain Week in Review - January 2021

Perkins Coie on

Federal Regulation Actions Frozen Pending Review from New Administration - On January 20, 2021, newly inaugurated President Joe Biden issued a memorandum to the Heads of Executive Departments and Agencies asking current...more

McGlinchey Stafford

Louisiana to Require Virtual Currency Business License

McGlinchey Stafford on

The Louisiana Office of Financial Institutions (OFI) will require virtual currency businesses to hold a license, though the license application may not be available until 2021.[1] The Louisiana Virtual Currency Businesses...more

Jones Day

AMF Establishes New Legal Framework for Digital Asset Service Providers in France

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The Situation: Following the enactment earlier in 2019 of new French legislation to regulate activities related to digital assets (including cryptocurrency but excluding tokenized securities), final regulatory provisions were...more

Perkins Coie

Blockchain Week in Review - March 2019 #2

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U.S. Developments - Denver to Implement Blockchain-Based Elections for Overseas Voters - Denver moves to become the second U.S. jurisdiction to implement a blockchain-based voting system for overseas voters. Active duty...more

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