Archive:August 3, 2018

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Regulation of Crypto Asset Activities on the Abu Dhabi Global Market
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South Carolina Is the Latest State to Implement Money Transmitter Licensing Laws and Regulations

Regulation of Crypto Asset Activities on the Abu Dhabi Global Market

By William M. Reichert and Zaid Abu-Shattal

Recent technological innovations are transforming how financial activites are conducted and regulated.  Technological advances have also resulted in disrupting traditional financial services and other related activities globally.  In response to this, the Abu Dhabi Global Market introduced its legal framework regulating spot trading of crypto assets, including activities carried on by crypto asset exchanges, crypto asset custodians, and, where applicable, intermediaries engaged in crypto asset activities.

Please see our latest thinking here for a full discussion of Abu Dhabi’s new crypto asset legal framework.

South Carolina Is the Latest State to Implement Money Transmitter Licensing Laws and Regulations

By Eric A. Love and Judith E. Rinearson

On May 25, 2018, South Carolina’s money transmitter licensing law, the South Carolina Anti-Money Laundering Act, and its implementing regulations (collectively, the “Act”) became effective.

This means that the newly established Money Services Division (the “Division”) within the SC Attorney General’s Office is now accepting applications for licensure to engage in money transmission and currency exchange in that state.  Entities that were engaging in such activities in South Carolina as of May 25 had until June 29, 2018 to submit an application.  After submission, such entities were able to continue operating while their applications were being reviewed.

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