A Nevada resident, Morgan Rockcoons, was sentenced in the U.S. District Court for the Southern District of California to 21 months in prison for wire fraud and unlicensed money transmission. In connection with the sentencing, Rockcoons will also be required to forfeit $80,600 in …›
A wide range of businesses in Southeast Asia from traditional retailers and financial institutions to start-ups are harnessing new technologies and entering into new commercial partnerships to offer financial products and services regionally. MoFo’s Jake Robson, Gordon Milner and Nicholas Davies discuss how companies can …›
From 14 September 2019, certain electronic and remote payments must be subjected to two-factor, or “strong customer authentication”, under regulatory standards covering the European Economic Area relating to the second EU Payment Services Directive, which took effect in January 2018. Retailers are uncertain whether …›
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 …›
On April 3, 2019, the Strategic Hub for Innovation and Financial Technology of the U.S. Securities and Exchange Commission (“SEC”) published two pieces of guidance on when a blockchain-enabled digital asset will, or will not, be considered a security. The first piece of guidance …›
The Japanese Financial Services Agency (“FSA”), Japan’s primary financial regulator, announced on March 15, 2019, that it was submitting a bill to the Diet to amend both the Payment Services Act (the “PSA”) and the Financial Instruments and Exchange Act (the “FIEA”) relating to …›
The United Kingdom’s Financial Conduct Authority published draft guidance on the circumstances in which crypto-assets will fall within its regulatory perimeter and has invited comments and feedback on the draft guidance by 5 April 2019. In particular, it explains how it divides crypto-tokens …›
Dario de Martino discusses the real possibilities and opportunities around security tokens, from a business standpoint, the legal perspective, and from a retail investor point of view. Topics include: - What are the advantages of tokenizing securities? …›
On December 3, 2018, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Financial Crimes Enforcement Network, National Credit Union Administration, and Office of the Comptroller of the Currency (collectively, the “Agencies”) issued a joint statement regarding “innovative approaches” to …›
Until yesterday, the enforcement actions of the U.S. Securities and Exchange Commission (SEC) in the digital token space have primarily focused on the primary issuances of tokens. However, on November 8, 2018, the SEC announced in an order (the “Order”) that it had settled …›