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Category Archives: Virtual Currency

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“Not Necessarily Regulation, but Regulation as Necessary”: Canadian Senate Committee Weighs in on Regulation of Digital Currency

Posted in Regulatory Compliance, Virtual Currency

In March of 2014, the Minister of Finance tasked the Standing Senate Committee on Banking, Trade and Commerce to examine the use of digital currencies. The Committee pursued an extensive fact-finding mission in Canada and in the United States, speaking with, amongst others, representatives from regulatory bodies, financial institutions, digital currency interest groups, law enforcement,… → Read More

“BitLicensing”: New York Virtual Currency Regulations Include Cybersecurity Program Requirement

Posted in Regulatory Compliance, Virtual Currency

On June 3, 2015, the New York Department of Financial Services (“NYDFS”) issued its final virtual currency regulations after spending a year considering multiple proposals and thousands of comment letter submissions. Notably, the New York regulations include a requirement that businesses providing virtual currency services establish and maintain a cybersecurity program. The New York regulations… → Read More