SACRAMENTO, Calif.—California’s legislators have passed the Digital Financial Assets Law that would require a license to “engage in digital financial asset business activity” with or on behalf of any Californians. Gov. Gavin Newsom is expected to sign it into law. If he does, the law will take effect July 1, 2025, JD Supra reported.
California will join with New York and Louisiana in requiring licenses for certain digital asset activities, JD Supra noted.
The Definitions
According to JD Supra, the California bill would require a license to engage in or imply the ability to engage in “digital financial asset business activity,” which the bill defines as:
- Exchanging, transferring or storing a digital financial asset or engaging in digital financial asset administration directly or through a vendor
- Holding electronic precious metals or electronic certificates representing interests in precious metals on behalf of another person or issuing shares or electronic certificates representing interests in precious metals
- Exchanging one or more digital representations of value used within one or more online games, game platforms or family of games
- A digital financial asset offered by or on behalf of the publisher from which the original digital representation of value was received
- Legal tender or bank or credit union credit outside the game, platform or family of games offered by or on behalf of the publisher from which the original digital representation of value was received
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