Paul Hastings LLP is serving as U.S. counsel for Urbi, a spokeswoman confirmed.

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"If you are operating in this industry, you have to recognize it is regulated, " says Chris Daniel, a lawyer specializing in payments at Paul Hastings LLP, an Atlanta firm.

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"The industry is happy about this guidance even if it imposes a regulatory burden because it is an indicator of respectability, " says Behnam Dayanim, a lawyer at Paul Hastings LLP in Washington.

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