United States of America: Introduced Florida Act Relating To Money Services Businesses (HB 273)

On 12 October 2021, the Florida Act Relating to Money Services Businesses (HB 273), has been introduced in the Florida House of Representatives. The Bill contains numerous clarifications with respect to licensing and cryptocurrency trading. It clarifies that individuals trading with cryptocurrencies do not need a money transmission licence, while intermediaries, such as exchange platforms, require such a licence. The Bill effectively reverses the 2019 State Appeals Court ruling in Florida v Espinoza, which held that individuals require a money transmission licence for buying and selling cryptocurrencies. The Bill would enter into effect on 1 January 2023.