FinCEN’s guidance clarifies the applicability of the BSA to a variety of virtual currency businesses. By Todd Beauchamp, Charles Weinstein, Loyal T. Horsley, Cameron R. Kates, and Shaun Musuka On May 9, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued interpretive guidance expanding on previously issued guidance and rulings regarding the … Continue Reading
The paper discusses supervision and regulatory issues of cryptocurrencies, and finds that a central bank digital currency in the EU is not (yet) warranted. By Max von Cube In May, the European Central Bank’s Crypto-Assets Task Force published a paper on cryptocurrencies such as Bitcoin, Ether, and Ripple (referred to as narrowly defined “crypto-assets”). The … Continue Reading
The enforcement action serves as a reminder that virtual currency exchangers, regardless of size, must comply with the BSA. By Todd Beauchamp and Charles Weinstein The US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) does not care if you are a multinational corporation or an individual operating out of your garage; regardless of size, … Continue Reading
Federal legislators introduce two bills in an attempt to provide the blockchain economy with regulatory certainty. By Stephen P. Wink, Morgan E. Brubaker, Cameron R. Kates, and Shaun Musuka US regulators and federal legislators may be heeding the calls of crypto-enthusiasts for legal clarity regarding the status of digital assets and cryptocurrencies (collectively, Tokens). Two … Continue Reading
The new legislation may act as a catalyst for a crypto-evolution within Russian law. By Andrew C. Moyle and Elizaveta Bacheyeva On 18 March 2019, the Russian legislator took the first step in introducing the Russian civil law system to the new universe of digital assets. The Russian Civil Code was amended to include concepts … Continue Reading
The SEC provides additional guidance for analyzing whether a digital asset is a security. By Stephen P. Wink, Cameron R. Kates, and Shaun Musuka On April 3, 2019, the U.S. Securities and Exchange Commission’s Strategic Hub for Innovation and Financial Technology (the SEC) released a framework (the Framework) for assessing whether a blockchain-issued token or … Continue Reading
A new white paper explores jurisdictional conflicts and the regulatory status of digital assets. By Yvette D. Valdez, J. Ashley Weeks, and Jacqueline M. Rugart Members of the American Bar Association’s (ABA’s) Derivatives and Futures Law Committee recently published a white paper exploring the US regulatory landscape for digital assets (White Paper), including a 50-state … Continue Reading
The SFC’s guidance provides helpful clarity amidst growing interest in security token offerings. By Simon Hawkins and Kenneth Hui On 28 March 2019, the Hong Kong Securities and Futures Commission (SFC) issued a policy statement on security token offerings (STOs) summarizing the legal and regulatory requirements applicable to parties engaging in STOs. This guidance follows … Continue Reading
Mobile and desktop reference tool defines nearly 300 industry terms. We are pleased to announce the launch of The Book of Jargon® – Cryptocurrency & Blockchain Technology, a comprehensive digital glossary of nearly 300 terms developed for the business, academic, and legal community. The easy-to-use reference tool demystifies the often complex legal and regulatory terminology, … Continue Reading
International perspectives on regulatory developments impacting innovation in financial services. Approximately 100 financial institutions and emerging companies recently convened in London for a forum on regulatory developments and other considerations that will impact innovation in financial services this year. The Latham-sponsored event — “From Geek to Chic: The Rapid Evolution of Payments and Cryptocurrencies and … Continue Reading
UK regulators are addressing regulatory uncertainty through a number of regulatory initiatives due for implementation in 2019. By Stuart Davis Background Following the FCA’s consultation paper that offers guidance on the regulatory status of cryptoassets published in January 2019, the regulator is now engaging with the industry and other stakeholders such as law firms to … Continue Reading
As part of its ongoing work to investigate and understand the UK cryptoassets sector the FCA has published the findings of two pieces of complementary consumer research on cryptoassets. By Sam Maxson and Stuart Davis Following the publication of the UK Cryptoassets Taskforce final report in October 2018, the FCA has engaged in a series … Continue Reading
Both the FCA and the PRA have written to firms to warn about certain risks associated with exposures to crypto-assets, and to advise firms of the measures they should consider implementing to mitigate such risks. By Stuart Davis and Charlotte Collins The FCA and the PRA have each written a “Dear CEO” letter to firms, … Continue Reading
New EU anti-money laundering measures have been approved by European legislators. By Stuart Davis and Charlotte Collins The European Parliament and Council have finally signed off on the text of the fifth Anti-Money Laundering Directive (known as MLD5). Overview The new directive is of particular interest to the FinTech sector as, amongst other things, MLD5 … Continue Reading
FCA warns providers of cryptocurrency derivatives of their regulatory obligations. By Andrew Moyle, Stuart Davis and Charlotte Collins The UK Financial Conduct Authority (FCA) has issued a statement reminding businesses offering cryptocurrency derivatives of the requirement to be authorised. The FCA explains that, although cryptocurrencies are not themselves regulated in the UK, derivatives that reference … Continue Reading
The Strategy emphasises the UK government’s continued push to create a world-leading FinTech sector. By Stuart Davis, Charlotte Collins and Sam Wong At the second International Fintech Conference held on 22 March 2018, Philip Hammond, Chancellor of the Exchequer, announced the launch of the UK’s first Fintech Sector Strategy. The Strategy includes the following key … Continue Reading
