California’s Encryption-Related Bill Approved by Congress Will Require Special Licenses for Encryption Businesses

According to Bloomberg, an encryption-related bill in California, the Digital Financial Assets Law (Digital Financial Assets Law), was approved by the state assembly and has now been sent to the desk of Governor Gavin Newsom, who must sign it by September 30. or veto the bill. The bill, which will go into effect in January 2025, would require crypto financial services businesses such as digital asset exchanges to obtain special licenses and, if signed into law, would introduce stricter crypto regulations and impose more restrictions on the industry in California. supervision.