Love or hate New Yorks plans to shield Bitcoin and its competitors from financial crooks, one thing is certain: the proposal is only the first of dozens that will shape the industry.
British officials will soon review the promises and risks of alternative payment systems, including virtual currencies, as part of a broad initiative to promote advances in financial technology.
As federal investigators continue to pursue illicit online vendors in the wake of its high-profile prosecution of Silk Road, they will face two hurdles: evolving data-encryption and an atomized black market.
For all of the legitimate concerns and overheated rhetoric about the rise of crypto-currencies, the biggest problem for Bitcoin may be one seldom discussed by critics: its abuse by tax dodgers.
New York should require some digital currency companies to collect and periodically verify customer information to deter financial criminals, Manhattan's district attorney told state regulators Wednesday.
The U.S. Justice Department seizes digital funds tied to an Internet black market, Republicans line up behind effort to fight FATCA and more, in this week's news roundup.
Turned away by American banks, some U.S.-based digital currency companies are using foreign bank accounts to send their proceeds back into the United States to pay employees and clients.
China prohibits the trading of bitcoins by financial institutions over money laundering concerns, the U.K. closes 100 suspicious Bank of Cyprus accounts, and more, in this week's news roundup.
Ready or not, Bitcoin is growing in Europe, even as European regulators struggle to figure out how or if they'll police the virtual currency.
The regulatory concerns of Bitcoin and other digital currency platforms may extend beyond the anti-money laundering requirements outlined by the U.S. Treasury Department earlier this year, lawmakers and congressional witnesses said Tuesday.
Lawmakers are asking the IRS to quickly finalize guidance on potential tax liabilities of digital money, including the crypto-currency platform Bitcoin.
The second installation of a two-part story on how the Bitcoin market is changing under the scrutiny of federal and state officials.
When FinCEN issued its innocuously entitled guidance, "Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies" in March, an already speculative currency may have received its death blow.
A Pakistani opposition leader believes that new legislation will open the "doors for money laundering", banking executives in the U.S. and elsewhere believe that most financial institutions are unlikely to meet the January 2013 deadline for the FATCA, and more, in the weekly roundup.
An emerging virtual currency intended to be used in lieu of cash could also be a vehicle for criminals seeking to make international transactions anonymously, according to investigators.
A digital currency company has incurred a nearly $3 million penalty for sanctions violations less than a year after its directors agreed to pay $300,000 to settle anti-money laundering deficiencies.
Sweden has granted a banking license for an Internet videogame that allows players to use real money to buy virtual goods, the first time such a license has been granted for online financial services.
A federal judge sentenced a digital currency company and its directors to three years of probation and a joint $300,000 fine after a plea deal on charges that the company had helped criminals launder money.
Software firm MindArk, creators of Entropia Universe, is on the verge of releasing automated teller machine-style cards that allow players to access real dollars from their virtual world accounts, something consultants say will make them an attractive venue for criminals to launder illicit funds.
The growth of virtual economies on the Internet presents an opportunity for criminals, who can launder money by trading virtual property and converting profits from virtual cash to real currency, according to a report issued by consulting firm Deloitte.