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

On 7 March 2022, the Florida Act Relating to Money Services Businesses (HB 273) was adopted by the Florida Legislature after favourable votes in both House and Senate on the same day. 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 will enter into effect on 1 January 2023