{"id":489440,"date":"2022-09-01T12:37:33","date_gmt":"2022-09-01T09:37:33","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/california-state-assembly-passes-bill-for-licensing-and-regulating-crypto-firms\/"},"modified":"2022-09-01T12:37:33","modified_gmt":"2022-09-01T09:37:33","slug":"california-state-assembly-passes-bill-for-licensing-and-regulating-crypto-firms","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/california-state-assembly-passes-bill-for-licensing-and-regulating-crypto-firms\/","title":{"rendered":"# California State Assembly passes bill for licensing and regulating crypto firms"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3dfc0c1aea6\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3dfc0c1aea6\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/california-state-assembly-passes-bill-for-licensing-and-regulating-crypto-firms\/#%E2%80%9D_California_State_Assembly_passes_bill_for_licensing_and_regulating_crypto_firms_%E2%80%9C\" >&#8221; California State Assembly passes bill for licensing and regulating crypto firms &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_California_State_Assembly_passes_bill_for_licensing_and_regulating_crypto_firms_%E2%80%9C\"><\/span>&#8221; California State Assembly passes bill for licensing and regulating crypto firms &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDkvM2RiNzQ1ZjItZGIxZC00N2JhLThkOTctYzMyMWM4MzcxYTFmLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-3511d6da>Lawmakers in California State Assembly 71-0 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/leginfo.legislature.ca.gov\/faces\/billNavClient.xhtml?bill_id=202120220AB2269\">passed<\/a> the Digital Financial Assets Law, also known as AB 2269, on Tuesday, Aug. 30. The bill is now in the hands of the state\u2019s governor Gavin <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a>om, who will either set it into motion or veto it completely.\u00a0<\/p>\n<p>This bill requires digital asset exchanges and crypto companies to have an operating license given by the state of California&#8217;s Department of Financial Protection and Innovation. Any operations outside of said license will be prohibited. It would come into effect on and after Jan. 1, 2025.<\/p>\n<p>If not followed, perpetrators could receive a civil penalty up to $100,000 for each day of violation.<\/p>\n<p>Assemblyman Timothy Grayson (D-Concord), who sponsored the bill, previously stated he understands the excitement around cryptocurrencies and digital assets.<\/p>\n<blockquote><p>\u201cI\u2019m impressed by the market\u2019s ability to help consumers feel empowered to make financial investments and participate in a system that has, in many cases, felt closed off to them.&#8221;<\/p><\/blockquote>\n<p>However Grayson also said the newness brings on risks due to inadequate regulation.<\/p>\n<blockquote><p>\u201cThis bill will provide consumers basic but necessary protections and will promote a healthy cryptocurrency market by making it safer for everyone.&#8221;<\/p><\/blockquote>\n<p>Currently, the law in place in the state of California is the Money Transmission Act. This act prohibits the business of money transmission without a valid license from the Commissioner of Financial Protection and Innovation.<\/p>\n<p>If introduced, the new bill would also authorize the department to conduct probes of a licensee, among other things.<\/p>\n<p><strong><em><u>Related: <\/u><\/em><\/strong><strong><em>California again allows crypto contributions to state, local political campaigns<\/em><\/strong><\/p>\n<p>Regulators in California have been actively keeping tabs on the crypto space. In May, Newsom signed an executive order to align the federal and state regulatory framework for blockchain.<\/p>\n<p>Lawmakers in the state also told consumers to take \u201cextreme caution\u201d when dealing with interest-bearing crypto-asset accounts.<\/p>\n<p>This comes as a new CoinGecko survey reveals California to be the state most interested in Bitcoin (BTC) and Ether (ETH) based on internet search data.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/california-state-assembly-passes-bill-for-licensing-and-regulating-crypto-firms\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; California State Assembly passes bill for licensing and regulating crypto firms &#8220; Lawmakers in California State Assembly 71-0 passed the Digital Financial Assets Law, also known as AB 2269, on Tuesday, Aug. 30. The bill is now in the hands of the state\u2019s governor Gavin Newsom, who will either set it into motion or&#8230;<\/p>\n","protected":false},"author":1,"featured_media":489441,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDkvM2RiNzQ1ZjItZGIxZC00N2JhLThkOTctYzMyMWM4MzcxYTFmLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74863,74860,13096,55229,70934,67874],"class_list":["post-489440","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-california","tag-law","tag-regulation","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/489440","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=489440"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/489440\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/489441"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=489440"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=489440"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=489440"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}