March 29, 2024

California expands cryptocurrency regulation

California expands cryptocurrency regulation

California Governor Signs Consumer Financial Protection Act, Includes Regulationdigital assets.

California Consumer Financial Protection Act(CCFPL) will modernize and update the existing Department of Business Oversight (DBO). From January 1 next year, the department will be called the "Department of Financial Protection and Innovation" (DFPI) and will receive new powers, divisions and personnel.

The law, signed by the Governor of the state, is designed to protect consumers from fraud, promote innovation, and clarify regulatory barriers to emerging innovative financial products.

Among the powers given to the updated department, instruments for regulating digital currency, combating unlicensed financial services and products are separately highlighted.

A new one will be added to the departmenta research unit that will focus on evaluating innovative financial products such as cryptocurrencies, developing recommendations for their regulation and bringing them to market.

Subscribe to ForkNews on Telegram