Tag Archives: virtual currency

FinCEN Director Confirms Enforcement Focus on Virtual Currency AML Compliance

As another sign of the times, but arguably quite apt given the subject matter, the Consensus Blockchain Conference convened virtually in 2020, with Financial Crimes Enforcement Network (FinCEN) Director Ken Blanco delivering prepared remarks to the conference on May 13, 2020. In those remarks, Blanco confirmed that FinCEN and other federal authorities are focused on … Continue Reading

New York State Department of Financial Services Proposes Guidance on Adoption or Listing of Virtual Currencies by Exchanges

In the summer of 2015, the New York State Department of Financial Services (DFS) finalized its regulatory framework for virtual currency firms seeking to conduct certain virtual currency (VC) business activities in the state. Since then, it has issued two dozen licenses and charters involving virtual currency transmission (VC licenses). To promote efficiency and reflect … Continue Reading

Proposed Amendment to Japanese Crypto Asset Laws

A bill to amend the Japanese laws regulating cryptocurrency exchange businesses or financial instruments transactions, including the Act on Settlement of Funds (Settlement Act) and the Financial Instruments and Exchange Act (FIEA), was submitted to the Diet on March 15, 2019. The bill proposes to call cryptocurrencies “Crypto Assets” (CA) rather than “Virtual Currencies” (VC) … Continue Reading

New York State Releases Final BitLicense Regulation

On June 3, 2015, the New York State Department of Financial Services (DFS) published its final BitLicense regulation. The regulation requires that firms engaged in “Virtual Currency Business Activity” that involves New York State or a New York resident apply to DFS for a BitLicense within 45 days of its effective date. In this Alert, … Continue Reading
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