United States of America: Rejected Digital Financial Assets Law including licensing requirements
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Description
Rejected Digital Financial Assets Law including licensing requirements
On 23 September 2022, the Digital Financial Asset Law (Law No. 2269) was vetoed by Californian Governor Gavin Newsom. The Law would have required companies offering digital asset-related financial services to obtain a license from the Department of Financial Protection and Innovation. Furthermore, the Law would have introduced customer protection measures and required digital asset service providers to store information regarding their operational security program and disclose it to the authorities upon request.
Original sourceScope
Policy Area
Authorisation, registration and licensing
Policy Instrument
Operational license requirement
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies), DLT development
Implementation Level
subnational
Government Branch
legislature
Government Body
parliament
Complete timeline of this policy change
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2022-02-16
under deliberation
2022-05-12
under deliberation
2022-08-30
adopted