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Greenberg Traurig LLP | USA | 22 Sep 2023
IRS Establishes New Special Work Unit to Concentrate on Large Partnerships As Part Of Its New Enforcement Effort Targeting High-Income Taxpayers
On Sept. 20, 2023, the Internal Revenue Service (IRS) announced that it will establish a new work unit in the Large Business & International (LB&I)…
Wiggin LLP | United Kingdom | 22 Sep 2023
Redeemable NFTs and the conundrum of intrinsic rights
What started as a way of immutably verifying ownership of otherwise copyable assets (eg, digital media) has grown into a true internet phenomenon. Non-fungible token (NFT) technology is developing rapidly and is increasingly used to verify ownership of a wide range of rights, such as virtual land ownership in the metaverse. While the idea may sound simple, the nuance of how these property......
Baker McKenzie | USA | 21 Sep 2023
New York Significantly Reduces the Number of Pre-Approved Cryptocurrencies
On September 18, 2023 the New York State Department of Financial Services (DFS) issued an update on an ongoing initiative to strengthen DFS oversight…
Hunton Andrews Kurth LLP | USA | 21 Sep 2023
New York DFS Announces New Guidance on Virtual Currencies
On September 18, 2023, the New York Department of Financial Services (“DFS”) announced new proposed guidance for BitLicense holders and certain…
Paul Hastings LLP | European Union, USA | 19 Sep 2023
Daily Financial Regulation Update -- Tuesday, September 19, 2023
The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) published a Small Entity Compliance Guide to assist the small…
AnJie Broad Law Firm | China | 18 Sep 2023
虚拟货币的刑事司法处置 ——从第三方机构视角出发
2021年9月15日，中国人民银行等十个国家机关联合发布《关于进一步防范和处置虚拟货币交易炒作风险的通知》（以下简称“915通知”）。915通知规定“开展…
Fried Frank Harris Shriver & Jacobson LLP | USA | 18 Sep 2023
NYDFS Updates and Enhances Framework on Virtual Currency
The New York Department of Financial Services ("NYDFS") updated guidance on a framework for Greenlisted coins (coins that are approved for either…
Frost Brown Todd LLP | USA | 29 Aug 2023
Navigating the Blockchain Landscape: Recent IRS Guidance on Convertible Virtual Currency and the Treasury’s Continued Delay Regarding Broker Regulations
This article explores recent developments in the U.S. federal taxation of virtual currencies by the Internal Revenue Service (IRS) and ongoing delays…
Fried Frank Harris Shriver & Jacobson LLP | North Korea, USA | 24 Aug 2023
Co-Founder of Virtual Currency Mixer Sanctioned for Assistance to North Korea
OFAC designated a co-founder of a sanctioned virtual currency mixer that laundered stolen virtual assets for North Korea. According to OFAC, the…
Reed Smith LLP | Hong Kong | 15 Aug 2023
Hong Kong SFC issues warning to virtual asset trading platform: don’t misbehave
In our previous client alerts, we introduced the new licensing regime for the virtual asset trading platform (VATP) in Hong Kong, which came into…
