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Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest.

U.S. Developments

South Carolina Legislature Proposes Bill to Enact Anti-Money Laundering Act

South Carolina Representative Alan Clemmons introduced a bill proposing state regulation of money transmission services business.  Titled the “South Carolina Anti-Money Laundering Act,” the proposed act is based on the Uniform Money Services Act.  Under the proposed bill, virtual currencies are included in the definition of money transmission, requiring state licensure.  Presently, South Carolina does not regulate money transmission services businesses.
Continue Reading Blockchain Week in Review – January 15, 2016

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Perkins Coie is pleased to announce that our CoinLaw app is now available on Android. The app was launched on IOS last fall and is now available on the Android platform to reach a broader audience. In an easy-to-read, portable, dynamic format, the new CoinLaw app provides users…

Yesterday, December 16, 2014, the Conference of State Bank Supervisors (“CSBS”) released a Policy Statement on state virtual currency regulation, and a Draft Model Regulatory Framework (“Draft Framework”) to support its policy and to promote consistent regulation of virtual currency activities.  The Draft Framework lists numerous recommendations for state financial regulatory regimes applying to virtual currency activities and requests public comment on an extensive list of related questions.
Continue Reading Conference of State Bank Supervisors Releases Policy Statement and Draft Model Regulatory Framework for Virtual Currency

Bitcoin and other decentralized virtual currencies continue to receive widespread attention as they quickly become a major force in online payments. Increasingly, interest is also growing in Blockchain 2.0 applications. Blockchain 2.0 relates to the non-currency use cases of the bitcoin blockchain as a distributed ledger for tracking ownership of various other assets. Perkins Coie’s…

Perkins Coie partners Todd Zerega and Andrew Cross have posted an article of interest on the Derivatives & Repo Report regarding TeraExchange, LLC (TeraExchange), a swap execution facility (“SEF”) registered with the Commodity Futures Trading Commission (“CFTC”), announcing that it will begin trading a non-deliverable forward based upon the U.S. Dollar price of bitcoin (“Bitcoin…

On Thursday, July 24, 2014 Perkins Coie hosted a seminar addressing recently-proposed regulations for virtual currency companies proposed by the New York Department of Financial Services and how these proposed regulations might impact not only companies operating in New York but also companies dealing with New York-based customers and business partners.
Continue Reading Presentation Available: Drastic Changes to Industry with Proposed New York Bitcoin Regulation