Utah to treat certain virtual currency as abandoned property

On March 24, Utah modified its Unclaimed Property Act to include virtual currency in its definitions. The law includes virtual currency in the definition of property subject to abandoned property law, and defines virtual currency as “a digital representation of value used as a medium of exchange, unit of account, […]

Arizona ensures legal validity of blockchain signatures

In order for commerce to be effective, parties to a transaction have to trust that their signatures carry legal validity. When transactions increasingly went from paper to electronic form, various laws confirmed the legal validity of electronic records and signatures to promote efficient commerce. However, with blockchain technology, there may […]

Arkansas to passport money transmitter licenses?

Any company running a payments business has come across one major hurdle in the US:  state money transmitter law. Over 45 jurisdictions within the US regulate money transmission, broadly defined as engaging as a business in the acceptance and transmission of funds. Naturally, enterprising lawyers have discovered ways to avoid […]

#Brexit: Supreme Court decision

As anticipated, the Supreme Court has upheld the High Court’s judgment by ruling (albeit on an 8 to 3 majority) that an Act of Parliament before UK government ministers can lawfully trigger the Article 50 notice procedure for leaving the EU. The majority accepted the respondents’ view that, by virtue […]

Legislating for #Brexit: the EU’s external agreements

The House of Commons Library has published a new report: “Legislating for Brexit: EU external agreements“. The EU has entered into 890 bilateral and 259 multilateral international treaties and agreements. In most cases, the EU entered into these treaties, but the EU’s member states did not. However, there are 230 “mixed-agreements“, that were […]

Illinois asks for feedback on new virtual currency guidance – deadline fast approaching

Illinois’ Department of Financial & Professional Regulation (IDFPR) recently published proposed regulatory guidance on the application of Illinois’ Transmitters of Money Act to decentralized digital currencies. The guidance, which will explain how IDFPR will interpret and enforce the law, rather than being law in and of itself. This will be an […]

#Brexit & Solvency II: Cooley publishes evidence submitted to Treasury Committee’s Solvency II inquiry

The UK’s Treasury Select Committee (TSC) opened a Solvency II Inquiry in September 2016. The Inquiry, which is part of the TSC’s broader work on the UK’s post-#Brexit relationship with the EU, is considering (eg) the merits of: “retaining the effect of Solvency II as at the date of Brexit, but not […]