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

On 12 May 2022, the Florida Act Relating to Money Services Businesses (HB 273) was signed by the Governor of Florida. The Bill will enter into effect on 1 January 2023. 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.