California Gov. Newsom greenlights crypto regulation bill for 2025

October 13. 2023

By Ciaran Lyons

The bill will mandate cryptocurrency firms to adhere to licensing requirements, maintain financial records, and provide regulators with the authority to conduct audits.

California Governor Gavin Newsom has approved a cryptocurrency bill that enforces stricter regulations on businesses conducting crypto operations, set to begin in 18 months. 

In a statement published on October 13, Newsom declared that the bill titled the ‘Digital Financial Assets Law,’ will make it mandatory for both individuals and firms to obtain a Department of Financial Protection and Innovation (DFPI) license to engage in digital asset business activities.

California Governor Gavin Newsom signing message, October 13. Source: CA.gov

The bill is scheduled to come into effect on July 1, 2025.

In legislation documents, it draws a comparison to California's money transmission laws, which prohibit banking and transfer services from operating without a license granted by the DFPI Commissioner.

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