California Governor Gavin Newsom has given the green light to a new cryptocurrency regulation bill that aims to establish a stricter regulatory framework for crypto businesses — set to take effect in July 2025.
The legislation — known as the Digital Financial Assets Law — will mandate individuals and businesses engaged in digital asset activities to obtain a Department of Financial Protection and Innovation (DFPI) license if they want to continue operating in California.
Digital Financial Assets Law
The new regulation builds upon the state’s existing money transmission laws, which currently prohibit banking and transfer services from operating without a valid license issued by the DFPI commissioner.
The Digital Financial Assets Law introduces additional measures by empowering the DFPI to impose rigorous audit requirements on cryptocurrency firms and obliging them to maintain comprehensive financial records.
Specifically, the bill stipulates that licensees must maintain records
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