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Read story Adam S Tracy (Adam Tracy) Attorney Reviews & Testimonials by adamtracy (Adam S. Tracy) with 1 reads. adamtra...
The Bitcoin Lawyer, Adam S. Tracy J.D., M.B.A. runs the full legal spectrum services from Bitcoin contract litigation to asset protection and regulatory counseling regarding cryptocurrencies.
Crypto Cannabis attorney Adam S. Tracy explains the current legal landscape regarding the cannabis industry and the uses and applications o...
Crypto Cannabis attorney Adam S. Tracy explains the current legal landscape regarding the cannabis industry and the uses and applications of cryptocurrency within the cannabis industry.
Cryptocurrency and payments attorney Adam S. Tracy explains money service business registrations and the requirements of FINCEN money service businesses. Hey am I a money service business? I get th…
Cryptocurrency and payments attorney Adam S. Tracy explains money service business registrations and the requirements of FINCEN money service businesses.
Cryptocurrency and payments attorney Adam S. Tracy explains money service business registrations and the requirements of FINCEN money service businesses. Hey am I a money service business? I get th…
Cryptocurrency and payments attorney Adam S. Tracy explains money service business registrations and the requirements of FINCEN money service businesses.
Central Bank attempts Virtual Currencies.
Meiri said that the central bank currency use case involves real scale and a solution which requires more than just the Bitcoin blockchain. "We started with coloured coins; assets on top of the Bitcoin blockchain. While it's great for certain things, it's not great for assets that need millions of transactions. A digital version of cash is something that you need to transfer a lot every day, so we cannot work only with the Bitcoin blockchain. He said: "We are working with something that will basically connect the public blockchain, which for me is only Bitcoin, and private network that a central bank or a city would be able to run. "We have developed something that I cannot say a lot about yet. We are going to have something published about it later on this year. But we connect basically between a private permissioned chain with the Bitcoin blockchain. Meiri said this could impart the sort of security and immutability associated with Bitcoin, while having more freedom to add privacy and AML, KYC to the ledger that the country is going to run. "If you start a network which is permissioned and the central bank knows all the players, but you use the transparency and the immutability of the Bitcoin blockchain, then we get into a very interesting point where you are gaining from both worlds. "You have the private chain which is secure because it's a network, and let's say every now and then all the transactions are being hashed on Bitcoin blockchain." http://www.ibtimes.co.uk/bitcoin-innovator-colu-looks-connect-blockchains-central-bank-cryptocurrencies-1567079
AML and KYC for Bitcoin
“Banks and global financial institutions are required by law makers and law enforcement to strictly follow anti money laundering (AML) and know your customer (KYC) policies. To support bitcoin companies and bitcoin-based financial services, banks must record the origin of transactions and the method used to purchase the digital currency.
“Oftentimes fraud alerts will be triggered in other parts of the fraud detection process, and they will be linked to some bad activity on the blockchain, and that will serve as a three-point strike — someone flipped their bank account a number of times, then you see a connection to a dark market and you know that something bad is going on,” Chainalysis co-founder Jonathan Levin told the American Banker.
“It’s not necessarily the only check you’re going to be able to do, but there is some expectation that financial intermediaries should be doing source and destination of funds type analysis,” Levin added.”
http://www.newsbtc.com/2015/12/06/bitcoin-by-default-is-not-anonymous/
Lawsuits against the Bitlicense Regime
“None of these sections of the New York State Law authorizes Defendants to go beyond their administrative role and engage in unprecedented act of policy-making at issue here, nor is there any support that an agency can bypass the legislature and create policy based on its purported “historic power.”
http://bitcoin-reg.com/sites/default/files/theo_chino_vs._dfs_complaint.pdf
Draft Law for Virtual Currencies
“Uniform Law Commission. The Uniform Law Commission (“ULC”) is set to discuss a draft version of a model law that will guide states in creating regulation for virtual currencies. The conference will take place in Washington, D.C. from October 9th to the 11th and ULC’s Study Committee on Alternative and Mobile Payment Systems will discuss the specifics of the bill’s current provisions. The goal is to create a law that would do for digital currencies what the Uniform Money Services Act did for money transmission laws. One of the most notable proposals of the draft version is a section on reciprocal licensing, which would allow digital currency businesses governed under the law to engage in services without going through the full licensing process in other states. The process would entail (i) paying an unspecified fee, (ii) completing a reciprocal license application form, and (iii) submitting a certification of license history by the applicant. As drafted, state commissioners who grant reciprocity and issue a license would need to do so within 30 days upon receipt of the 3 items enumerated above.”
http://www.virtualcurrencyreport.com/2015/10/bitcoin-week-in-review-10-03-15-10-09-15/
