Legislation has been introduced in the US House of Representatives directed at regulating virtual currency.  In a post from the Norton Rose Fulbright Project Finance blog available, Deanne Barrow analyzes the bills.

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Ever since the infamous Silk Road website was investigated and shut down by the US Federal Bureau of Investigation in 2013, and again in 2014, for facilitating the trafficking of illegal narcotics on the “darknet” using Bitcoin, the world of digital currencies has never been the same. Once upon a time Bitcoin was often used

The Commodity Futures Trading Commission (CFTC) recently approved two applications from LedgerX – a platform for trading and clearing Bitcoin options – to become registered as a swap execution facility (SEF) and derivatives clearing organization (DCO). These approvals make LedgerX the first DCO and the second SEF approved to facilitate digital currency-related derivatives activity (another

The Australian economy is in the midst of a major transformation, moving from growth led by investment in resources projects to broader-based drivers of growth in the remainder of the economy. The Australian Government is facilitating this transition from a mining boom to an ideas boom through policy changes that encourage new ideas and propel

On September 24, 2015 the CFTC issued an Order settling an enforcement action against TeraExchange, a provisionally registered swap execution facility (SEF). According to the Order, TeraExchange failed to enforce its rules prohibiting wash trading and pre-arranged trading. In fact, the Order found, TeraExchange affirmatively arranged for two market participants to enter into the SEF’s

Cryptocurrencies are unregulated in most jurisdictions and their legal nature has not yet been determined by legislation or case law.

Virtual or digital currencies display certain key features of money:

  • They represent value and some (like Bitcoin) can be purchased or exchanged for a real currency equivalent.
  • They can be used to make payment for

As the use of cryptocurrencies like Bitcoin increases, so will the demand for insurance to protect against the risks associated with them. A number of global Bitcoin storage providers offer their customers insurance for storage vault failure. At least one US insurance group offers Bitcoin holdings insurance as an endorsement to existing crime policies.

Given

ASIC has this week released its Strategic Outlook paper, a new initiative which sets out what it sees as its key challenges in 2014-2015.  Among these key challenges is the important and reoccurring theme of ‘digital disruption’ in the context of the Australia’s financial services industry and financial markets.

ASIC has identified that “[t]raditional business