Regulators

This weekend, the Uniform Law Commission (ULC), a nonprofit dedicated to creating consistency among U.S. state laws, will convene in Washington D.C. to discuss model legislation ("Regulation of Virtual Currencies Act") for the regulatory oversight of bitcoin entities. The most recent draft of the ULC’s...

Earlier this week, the Isle of Man received a great deal of mainstream press, deservedly so, for its innovation-friendly climate and straightforward bitcoin regulation. The Manx government has successfully turned this quirky island off the coast of the U.K. into one the world’s foremost technology...

AB-1326, “Virtual Currency”, was unexpectedly shelved earlier this week despite multiple unanimous or near-unanimous votes in the California Assembly and Senate. The bill, which would have governed how digital currency businesses can operate in California, was lauded by many in the industry as a favorable...

Earlier this week, the Conference of State Bank Supervisors (CSBS) issued its long-awaited regulatory framework for the digital currency industry. The CSBS sought to create this framework for states to use in the development and implementation of their individual regulatory requirements. We recommend that state...

Recently, much has been written about the relatively slow rate of bitcoin adoption in Asia. The cause, it’s been said, is the combination of a lack of awareness and the absence of regulation. The latter seems a bit ironic given recent events here in the...

At a recent conference of AML professionals, Central Bank of Nigeria (CBN), Deputy Director of Financial Policy and Regulation, Obot Akpan, labeled digital currency “dangerous” and a “channel for money laundering”. Mr. Akpan arrived at this conclusion because, in his words, it’s “not a legal...

Reserve Bank of India (RBI) Deputy Governor, SS Mundra, called for “appropriate regulatory changes” to accommodate the oversight of cryptocurrency. Mr. Mundra hinted at a comprehensive and multi-facetted regulatory framework, reminiscent of New York’s BitLicense, when referencing “…concerns around orderly growth of the system, consumer...

As you’re all well aware, earlier this year, Ripple was the subject of the first digital currency enforcement action leveled by regulators for BSA/AML violations. FinCEN and the U.S. Attorney’s Office assessed $750,000 in fines, as well as (even more costly) “enhanced remedial measures”. The...

Another week, another bitcoin company packing up the Family Truckster and leaving New York for greener pastures. LocalBitcoins announced its exit from the Empire State market in a recent company blog post. This followed similar announcements from other high-profile companies, including Kraken, BitFinex, ArtByte, Genesis...

The director of the Office of the Comptroller of the Currency (OCC), Thomas Curry, called for a balanced approach to regulating new financial technologies such as bitcoin. “It’s our job as a regulator to support and even encourage innovation that helps bank customers,” Director Curry...

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