The California governor’s office has approved a bill that will impose stricter regulations on cryptocurrency companies.
USA in terms of population largest state Californiais preparing to move to a clearer and stricter policy on the cryptocurrency industry. Regulatory bill approved by California Governor Gavin Newsom July 1, 2025 It will come into force on .
Newsom said in a published statement released on October 13:Digital Financial Assets ActHe included what the bill titled ” will bring with it. According to the shared details, the law in question applies to cryptocurrency companies. meet licensing requirements, keep financial records And to allow regulatory bodies to inspect will make it mandatory.
With this both individuals and corporate companies To do business in the cryptocurrency space, you will need to obtain a license from the Department of Financial Protection and Innovation (DFPI). Individuals and institutions that meet all conditions operational license will be able to legally provide services related to cryptocurrencies to the public.
Making a statement on the subject, Gavin Newsom said that this law will come into effect in 2025. greater clarity for the industry He stated that he would provide:
This legislation will require further improvements to both the regulatory process and statute to provide clarity to both consumers, regulators and businesses subject to this new licensing framework. It is crucial that we strike the appropriate balance between protecting consumers from harm and encouraging responsible innovation, and I look forward to working with the author of the bill to achieve this.
In the submitted letter, DFPI also stated that to implement these regulatory practices, for a period of 18 months It was emphasized that you may need it.
Newson was a bit hesitant about this bill in 2022 and argued that the regulatory measures offered would not be sufficient for the volatile cryptocurrency market. However, after the revisions, the bill was approved by Newson.