United States of America: Introduced Digital Financial Asset Bill (AB 39)

On 5 December 2022, the Digital Financial Asset Bill (AB 39) was introduced in the California State Assembly. The Bill defines digital financial assets and sets licensing requirements. The Bill outlines provisions for certain exemptions, examinations of licensees, record-keeping requirements, penalties for violations and disclosure requirements for fees. In addition, potential licensees would be required to establish and follow security policies and procedures.