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MoFo Reenforcement The Enforcement Blog

Tag Archives: virtual currency

Louisiana Becomes Second State to Require Virtual Currency Licensing

Posted in Regulatory Developments

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, take note of Louisiana’s enactment of HB701. This law, which takes effect on August 1, 2020, is a broad standalone licensing regime for the regulation of… Read More

In a First, FinCEN Assesses Civil Money Penalty Against Peer-to-Peer Virtual Currency Exchanger

Posted in Enforcement Actions, Regulatory Developments

The Financial Crimes Enforcement Network (“FinCEN”) issued a press release announcing a civil money penalty for violations of the Bank Secrecy Act against Eric Powers, an individual who acted as a peer-to-peer virtual currency exchanger. The enforcement action is the first-ever penalty assessed by FinCEN against a peer-to-peer virtual currency exchanger. Our alert discusses this recent… Read More

The NYDFS Finalizes its BitLicense Proposal

Posted in Electronic Payments, State Regulators

On June 3, 2015, the New York Department of Financial Services (NYDFS) issued a final rule regarding its “BitLicense” regulatory regime (“Final Rule”).  The Final Rule follows an initial proposal from July 2014 and a revised proposal from February 2015 (“Revised Proposal”). At a high level, the Final Rule requires licensing for any person that… Read More