According to a recent statement, California’s Governor Gavin Newsom has approved the establishment of the Digital Financial Assets Law, set to begin in July 2025. The bill specifies licensing requirements for crypto firms and enforcement authority for regulators.
California Governor Gavin Newsom approved a cryptocurrency bill that enforces stricter regulations on businesses conducting crypto operations set to begin in 18 months.would make it mandatory for both individuals and firms to obtain a Department of Financial Protection and Innovation license to engage in digital financial asset business activities.
The new crypto bill will allow the department to impose stringent audit requirements on crypto firms as well as force them to uphold recording requirements. “ would require a licensee to maintain for 5 years after the date of the activity, certain records, including a general ledger maintained at least monthly that lists all assets, liabilities, capital, income, and expenses of the licensee.”On September 25, Newsom rejected the bill suggesting it wasn’t flexible enough to keep up with crypto’s fast-paced changes in the industry.
At the time, Newson stated that he was waiting for federal regulations to come into place before working with the legislature to establish crypto licensing initiatives.In a recent speech, Rohit Chopra, the director of the Consumer Financial Protection Bureau , expressed his intention to grant authorization for this to"reduce harm of errors, hacks and unauthorized transfers."
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