FinTech and Blockchain Law Watch – At the Crossroads of Law, Innovation and Commerce

FinCEN Issues Geographic Targeting Order to Require Certain Money Services Businesses to File CTRs for Smaller Transactions

Mar 17 2025

By: John ReVeal, Jeremy M. McLaughlin, Jennifer L. Crowder, and Linda C. Odom

On 11 March 2025, the Financial Crimes Enforcement Network (FinCEN) issued a Geographic Targeting Order (GTO) to require money services businesses (MSBs) located in specified zip codes of California and Texas to file currency transaction reports (CTRs) for currency transactions of more than US$200 but not more than US$10,000. The regular CTR filing requirement for transactions of more than US$10,000 remains in place, but the GTO effectively reduces the threshold for such filings.

SEC Provides Welcome Clarity Regarding Meme Coins

Mar 01 2025

By: Cliff C. Histed, and Cheryl L. Isaac

In welcome news, the US Securities and Exchange Commission (SEC) Division of Corporation Finance (Division) yesterday announced “[a]s part of an effort to provide greater clarity” that meme coins do not involve the offer and sale of securities under the federal securities laws. This is to say that transactions in meme coins (as defined below) do not need to be registered with the SEC, but also that buyers and sellers are not protected by federal securities laws. Importantly, the Division limited this interpretation to meme coins that match the following descriptions:

Australia: ASIC Prepares Guidance Following the Release of BNPL Regulations

Feb 13 2025

By: Daniel Knight, Madison Jeffreys and Mackenzie Brown

On 5 February 2025, the Australian Government (via the Department of Treasury) released an exposure draft on the National Consumer Credit Protection Amendment (Low Cost Credit) Regulations 2025 (draft Regulations). The draft Regulations follow the recent introduction of the Treasury Laws Amendment (Responsible Buy Now Pay Later and other Measures) Act 2024, which will see Buy Now Pay Later providers regulated as ‘low cost credit contract’ (LCCC) providers under the National Consumer Credit Protection Act 2020 (National Credit Act) from 10 June 2025.

Luxembourg Modernises the Custody Chain to Accommodate Blockchain Technology

Jan 29 2025

By: Dr. Jan Boeing, and Tanner Wonnacott

On 31 December 2024, the Luxembourg law of 20 December 2024 amending the existing legislative framework on dematerialised securities (Blockchain IV Act) entered into force. As background, dematerialization of securities occurs with the move from physical stock certificates to electronic bookkeeping. When this occurs, actual stock certificates are removed and retired from circulation in exchange for the electronic recording. Securities are then transferred between securities accounts by book transfer.

President Trump’s Executive Order Steering Digital Assets Policy

Jan 27 2025

By: Richard F. Kerr, Sarah V. Riddell, Cheryl Isaac, Jeremy M. McLaughlin, and Joshua L. Durham

As promised during his campaign, President Trump has taken significant steps to support the digital asset industry during his first week in office. On 23 January 2025, he signed an executive order initiating digital asset regulatory rollbacks and a new federal framework governing cryptocurrencies, stablecoins, and other digital assets (the Order).

Hong Kong’s Security Tokenization Support Initiative – A Subsidy Program

Jan 22 2025

By: Jay Lee, Natalie Chow and Alvin Lam

Recently, Hong Kong Monetary Authority (HKMA) initiated accepting applications for Digital Bond Grant Scheme (the Grant Scheme) to financially support digital bond issuers for the duration of three years. The Grant Scheme aims to encourage broader adoption of “tokenization technology” in capital markets and foster the development of digital securities markets in Hong Kong.

Massachusetts Revamps Its Money Transmission Law

Jan 03 2025

By: Andrew C. Glass, Gregory N. Blase, Jeremy M. McLaughlin, and Joshua L. Durham

On 2 January 2025, Massachusetts went from being one of the least regulated states for money transmission to becoming one of the more highly regulated states. Formerly, only entities engaging in foreign money transmission required licensing. Under the newly enacted Money Transmission Act (Massachusetts MTA) (H4840), covered entities will include any entity that sells or issues payment instruments or stored value, as well as any entity that receives money for transmission from a person located in Massachusetts. Such entities will soon be required to obtain a license from, and will be subject to supervision by, the Massachusetts Division of Banks. In signing the Massachusetts MTA into law, Governor Maura Healey expressed that the law is intended to protect Massachusetts consumers “when transferring money to friends and businesses through payment apps.”

BNPL Regulation Takes the Final Step in Australia

Dec 13 2024

By: Daniel Knight, Ben Kneebush and Madison Jeffreys

On 29 November 2024, the Australian Parliament passed the long-awaited Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024 (Bill).

New House AI Bills for the Financial Services Sector

Dec 13 2024

By: Christopher Valente, Scott Gelbman, and Joshua Durham

Artificial intelligence (AI) remains top of mind for lawmakers and regulators, who continue to grapple with new legislative proposals, as well as a changing regulatory regime designed to prepare the US government to interact with AI-related issues, while also positioning the US to be a leader in AI innovation. In line with 15 USC Ch. 119 and Executive Order 14110, two more bipartisan House bills were just introduced to further the government’s response to AI.

ASIC Consults on Updated Crypto Guidance–What’s New?

Dec 11 2024

By: Daniel Knight, Simon Kiburg and Ben Kneebush

The Australian Securities and Investments Commission (ASIC) recently released proposed updates to Information Sheet 225 (INFO 225) and a corresponding consultation paper.