The New UAE Virtual Assets Regulations and What That Means for the Global Cry...
In March 2022, Dubai took another step towards establishing itself as a global crypto headquarters by adopting its first law on virtual assets and establishing a regulator for the growing sector. The new law serves as a progressive regulatory framework for the emerging virtual asset market, setting industry-defining standards and improving the Emirate’s standing in […]
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As many may already be aware, July 17, 2014, the New York Department of Financial Services (NYDFS) issued its proposal for the regulation of virtual currencies (Proposed Regulations).¹. At this point, the Proposed Regulations are exactly that - a proposal. There is a 45-day period of public comment, after which the NYDFS may or may not consider the comments it receives. Then, with any revisions that NYDFS deems necessary, the Proposed Regulations will become final and official. Understandably, there has been quite an uproar about the Proposed Regulations among the virtual currency world,....
Fred Wilson is a VC and principal of Union Square Ventures. USV invests in bitcoin companies, but not the currency itself. Fred is interested in bitcoin because he believes it can be and possibly will be the financial and transactional protocol for the global Internet. Here, he shares his thoughts on New York State's revised Bitlicense regulations. Over the past year, the New York State Department of Financial Services (NYDFS), led by Superintendent Benjamin Lawsky, has been attempting to create a set of regulations for virtual currency services. They called this set of regulations the....
The Bank of Namibia recently said it has brought virtual assets and virtual asset service providers under its fintech innovations regulatory framework, and that it plans to amend applicable laws and regulations. According to the central bank’s governor, there is an ongoing “battle between regulated and unregulated money on the one hand and sovereign versus non-sovereign money on the other.” Amending Applicable Laws The Bank of Namibia (BON) has said that while cryptocurrencies have no legal tender status in the country, it has now brought “virtual assets (VA)....
Cryptocurrency exchange Poloniex has decided to suspend activity for New Hampshire customers on account of the state’s cryptocurrency regulations, according to a notice posted on the exchange’s website. New Hampshire customers will be instructed by email on how to suspend their accounts. They will have until October 6 to open and close orders and withdraw funds. 2016 Law Covers Virtual Currency. The state’s 2016 law for licensing money transmitters covers virtual currency. “Convertible virtual currency,” according to a state court website, means a digital representation of value that: a)....
Today, Ben Lawsky, Superintendent of the New York Department of Financial Services (NYDFS), revealed the first state level attempt to regulate digital currencies such as Bitcoin: a BitLicense. One particularly thorny point in the sides of many Bitcoiners is the fact that the NYDFS chooses to refer to Bitcoin as a "virtual currency" as opposed to "digital money" or "digital currency." The NYDFS's language is consistent with the IRS, the Texas Department of Banking, and even across the pond with the European Central Bank. The full draft of the proposed regulations can be found here. The....