Cryptocurrency issuers should be wary of regulatory scrutiny

By Lisa Lanham, Peter Hardy and Andrew D’Aversa (August 22, 2022, 5:52 p.m. EDT) – On July 20, the Connecticut Department of Banking issued a consumer and industry advisory on money transmission.[1]

In it, the ministry states that “the money transmission industry is changing rapidly” and warns of the “significant disruption to traditional money transmission systems” caused by “the increased use of technology to enable immediate payment mechanisms” and “the explosion of virtual currency.”

Seemingly in response to a noted increase “in the number of entities engaged in unlicensed money transmission activities” – particularly internet transmission services and virtual currency companies – the advisory ends with a warning: the Unlicensed transmission entails the risk of…

Stay one step ahead

In the legal profession, information is the key to success. You need to know what’s going on with customers, competitors, practice areas and industries. Law360 provides the intelligence you need to stay an expert and beat the competition.

  • Access to case data in articles (numbers, filings, courts, nature of lawsuits, etc.)
  • Access to attached documents such as briefs, motions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and more!

TRY LAW360 FREE FOR SEVEN DAYS