Have you heard about the Digital Financial Assets Law that the governor of California will implement?
As the cryptocurrency market advances on its path to position itself as the reference market on a global scale, and gain space from traditional markets, to the same extent, state laws emerge to regulate digital financial assets, and we will talk about that in a moment. little today.
It turns out that according to information published on the cryptocurrency news portal “CriptoNoticas”, it was indicated that “the governor of California approved a regulation project for bitcoin (BTC) and cryptocurrencies, called the Digital Financial Assets Act, which would enter effective June 2025”
The aforementioned article indicates that “the US official noted that the bill requires the Department of Financial Protection and Innovation (DFPI) to create a robust regulatory framework, including licensing and enforcement authority for certain cryptocurrency activities.”
It has been indicated that in the words of Governor Newsom himself, a warning was given about the fact that there is “ambiguity of certain terms” so the bill “will require further refinement” to provide clarity to consumers, regulators and subject companies. to this new legal framework”
Last but not least, “The text also notes that the regulations would authorize the DFPI to conduct inspections of those licensed to operate in California and “require that a licensee maintain all commercial activities in digital financial assets with, or on behalf of , a resident for 5 years after the date of the activity”
SOURCES CONSULTED
CryptoNews. California passed a law to regulate bitcoin and cryptocurrencies. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: CryptoNews
Thanks for the share turns out every authority out there want to regulate the crypto space hope this turns out in favour of crypto users.