FINCEN has recently issued what is perhaps the most specific piece of regulatory Guidance on the financial regulatory issues with virtual currencies. This guidance clarifies the applicability of the Bank Secrecy Act (“BSA”) to entities creating, obtaining, distributing, exchanging, accepting, or transmitting virtual currencies. These guidelines relate to a wide variety of virtual…
As the online gaming market slowly evolves, many companies are preparing to capitalize on it once the legislative process moves forward. In one of the latest announcements, Zynga has applied to get licensed in Nevada. According to a recent statement from Zynga: Zynga has filed its Application for a Preliminary Finding of Suitability from…
Kickflip, which does business under the name Gambit, sued Facebook for allegedly monopolizing the “virtual currency” market used in online games by requiring game publishers to use Facebook credits. It is also alleges tortious interference with Gambit’s contracts and prospective business opportunities. The complaint alleges: · That Gambit was a…
Due to “legal and regulatory pressure” Dublin-based Intrade will no longer accept bets from US customers and all existing US customers must exit their trades and close their accounts. Intrade operates a real-money based prediction market. This announcement from Intrade came just hours after U.S. regulators filed a civil complaint…
A weekly wrap up of interesting news about virtual worlds, virtual goods and other social media. PlayStudios launches myVegas social casino games with MGM Social casino game startups are the cliché of 2012. Everybody is either starting a new company in this hot market — on the…
A weekly wrap up of interesting news about virtual worlds, virtual goods and other social media. FBI: We need wiretap-ready Web sites CNET learns the FBI is quietly pushing its plan to force surveillance backdoors on social networks, VoIP, and Web e-mail providers, and that the bureau is asking Internet…
A weekly wrap up of interesting news about virtual worlds, virtual goods and other social media. Bicycle card game owner to launch Zeniz mobile social casino games platform Online casino games are hot. So much so that we’re renaming our site Casino GamesBeat. Just kidding, but The United…
A weekly wrap up of interesting news about virtual worlds, virtual goods and other social media. Epic Games to make government training games Of all the companies you’d expect to announce a big government partnership, a major video game studio is probably not at the top…
A weekly wrap up of interesting news about virtual worlds, virtual goods and other social media. The Virtual Military While much of the international system remains mired in the economic doldrums, many global military powers continue to increase defense budgets focused upon the research and development of simulation technologies.…
A weekly wrap up of interesting news about virtual worlds, virtual goods and other social media. Gaming is a top priority for mobile-tech makers “Gaming is now a ‘need to have’ category, not a ‘nice to have’ category for mobile devices, whether they be tablets or phones,” said PJ…