On February 27, 2015, California Assemblyman Matt Dababneh, chairman of the state’s Banking and Finance Committee, introduced Assembly Bill 1326, which would prohibit a person from engaging in California in the business of “virtual currency” without a license from the California Department of Business Oversight, unless such person otherwise qualifies for…
Former Goldman Sachs, Morgan Stanley, BNP Paribas and Societe Generale bankers have announced a new futures and options derivatives-trading platform for bitcoin. The derivatives, tied to the price of bitcoin, will enable businesses and investors to hedge their digital currency exposure. Will this be a turning point for bitcoin? http://www.cnbc.com/id/102456187
A mobile app that collects users’ location data while the mobile app is not in use should clearly disclose such practices and provide users with choices. Failure to do so could give rise to an FTC claim of deceptive practices. For more information, please read our Client Alert.
The University of Amsterdam’s Institute for Information Law will be holding its third annual Summer Course on Privacy Law and Policy from July 6-10, 2015. The course will focus on privacy law and policy related to the Internet, electronic communications and online and social media. It will feature a faculty…
UPDATE: On February 24, the Colorado Senate passed House Bill 1047 with no amendments, and on March 13, 2015, Colorado Governor John Hickenlooper signed this bill into law. Colorado House Bill 1047 would make internet sweepstakes cafés illegal under Colorado law. The law declares that internet sweepstakes cafés and similar establishments in…
Further to the early 2014 policy that relaxed the restrictions on the foreign equity ratio in value-added telecommunications business in the Shanghai Free Trade Zone (“Shanghai FTZ”), on January 15, 2015, the Ministry of Industry and Information Technology (“MIIT”) promulgated a new policy, i.e., the Opinions on Lifting Restrictions on…
Unlike New York, Kansas, and Texas, which have either published proposed regulations or formal guidance, some states, such as California, have indicated that they are still trying to determine whether Bitcoin and other virtual currency activities are subject to licensure and regulation under their money transmitter laws. On January 27th,…
The founder of Silk Road, the black market website where illegal goods were bought with bitcoin, was found guilty on all 7 counts, including money laundering, drug trafficking and computer hacking. While this is an unfortunate result for Ross Ulbricht, who faces life in prison, the enforcement against illegal uses…
On January 8, 2015, New Hampshire House Bill 356 was introduced, proposing to exempt persons using private virtual currencies for internet commerce from the licensing requirements for money transmitters. H.B. 356 would define “virtual currency” to mean ” any type of digital unit that is used as a medium of…
According to a recent study, more than 100,000 mHealth apps have already been published on Apple’s iOS and Google’s Android platforms. Market revenue is expected to skyrocket to $26 billion by 2017. mHealth app providers and all of the players in the mHealth ecosystem must be aware of the potential…