California State Assembly passes bill for licensing and regulating crypto firms
The bill requires digital asset exchanges and crypto companies to have a license of operation in the state of California. Lawmakers in California State Assembly 71-0 passed the Digital Financial Assets Law, also known as AB 2269, on Tuesday, Aug. 30. The bill is now in the hands of the state’s governor Gavin Newsom, who will either set it into motion or veto it completely. This bill requires digital asset exchanges and crypto companies to have an operating license given by the state of California's Department of Financial Protection and Innovation. Any operations outside of said license....
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On August 30, legislators of the California State Assembly passed a bill on Digital Financial Asset Law. The bill, dubbed AB 2269, reached to Gavin Newsom, Governor of California, for final approval without a single objection by assembly members. The proposed notion required crypto companies to achieve a regulatory license from the Department of Financial […]
The California Senate Banking and Financial Institutions Committee indicates that AB 129 is now roughly halfway through the process to become law. Due to its position as a hotbed for technological innovation, California has thus far adopted a friendly stance toward its emerging bitcoin and virtual currency communities. This attitude of encouragement, while noticeable in its vibrant startup scene, has been best displayed in the actions of its government, which this September revised net worth requirements for state money transmitters with the passage of Assembly Bill 786. Now, following a....
The California State Senate and Assembly passed a bill in early September that amends the state’s Money Transmission Act. The bill was designed to modernize old laws in light of new technologies — Bitcoin was specifically mentioned — and “remove barriers to market entry to start-up payment technology companies,” said Committee on Banking and Finance Chair Roger Dickinson. Dickinson first introduced the bill in February. Here are the three things that could benefit Bitcoin companies if Gov. Brown signs it into law:
After the president’s signature, the bill will regulate the usage of bitcoin as payment in the country.
California's State Assembly has approved a bill calling for digital currency companies to be regulated in a similar way to banks. Formulated by Assemblyman Matt Dababneh, chairman of California's Banking and Finance Committee, bill AB-1326 was approved following a 55-22 vote in favour. Currently undergoing review by California's Senate - having already completed the first of three readings - if passed, the bill would require digital currency businesses to obtain an annually renewable license from the Department of Business Oversight (DBO), unless they are exempt from doing so by the....