Alex Kadochnikov is a partner at Gill & Kadochnikov. His primary focus is on commercial litigation, counseling start-up entrepreneurs, and employment-based immigration. He is also an expert on the rise and proliferation of virtual currencies and their effect on the legal and financial landscape.
In this article I want to address the application of the regulations of the Office of Foreign Assets Control (“OFACâ€) to businesses dealing with virtual currencies. This aspect of regulations is often overlooked or ignored, but the fines are very real. This spring, PayPal was fined $7,658,300 because they allowed transactions with Iranian andRead More →
New York State Department of Financial Services has recently released a 31 page application for anyone who wants to engage in doing business with virtual currencies. The application is a convoluted and cumbersome to say the least. But most of all it is costly. If the objective was to createRead More →
As of March 18, 2013, FinCEN requires certain people and entities that deal with virtual currencies to register as a Money Services Business (MSB). I Deal With Virtual Currency. Do I Need To Register as an MSB With FinCEN? What Happens If I Don’t? This post is meant to helpRead More →
Linden Dollar: Another Virtual Currency Affected by FinCEN. Bitcoin has been in the news recently. But bitcoin is not the only virtual currency. Virtual currencies, in one form or another are here to stay. When U.S. Treasury Department’s enforcement arm, FinCEN, issued its interpretive statement, it recognized this much. TheRead More →