California Governor, Gavin Newsom, approves the Crypto Regulation Bill

17 October 2023

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SACRAMENTO - Gavin Newsom, Governor of California, approved Cryptocurrency Regulation Bill. The bill forces crypto companies to comply with licensing requirements, maintain financial records and give regulators the ability to conduct audits.

This law on cryptocurrencies will be active from July 2025 and will impose stricter rules on companies operating in the crypto sector. In the official communications eleased Newsom stated that the bill, entitled Digital Financial Assets Law, will make it mandatory for both individuals and businesses to obtain a Department of Financial Protection and Innovation (DFPI) license to engage in commercial activities.

"Ambiguity of certain terms and the scope of this bill will require further refinement in both the regulatory process and in statute to provide clarity to both consumers, regulators and businesses subject to this new licensure framework - Newsom said - It is essential that we strike the appropriate balance between protecting consumers from harm and fostering a responsible innovation and I look forward to working with the author of the bill to achieve this."

California's DFPI bill is one of the most structured law on crypto worldwide and will contribute to create a regulatory framework for crypto assets. This will give the department enforcement and rulemaking authority over the sector, creating a licensing regime to follow for the cripto system in the States. The DFPI also gets an 18-month implementation period to ensure that the regulatory framework is thoughtfully tailored to address industry trends and mitigate consumer harm.

SOURCE: Coin Telegraph, Coin Desk

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