California Assembly Passes Crypto Regulation Bill That Requires Bank-Issued Stablecoins

California Gov. Gavin Newsom is set to sign a recently passed bill that would require digital asset exchanges and other crypto companies to obtain a license to operate in the state.

The Digital Financial Assets Law, dubbed California’s “BitLicense,” takes after New York’s BitLicense regulation, which came into effect in 2015. California’s law, if signed by Newsom, a Democrat, would go into effect in January 2025.

Source: California Assembly Passes Crypto Regulation Bill That Requires Bank-Issued Stablecoins