Florida has passed a groundbreaking bill establishing the nation's first state-level regulatory framework for payment stablecoin issuers. The legislation, awaiting the governor's signature, sets clear standards for licensing, monitoring, and consumer protection.
This comprehensive bill amends existing financial regulations to explicitly include payment stablecoins. Issuers will require state licensing, with applications demanding detailed information on ownership, financial stability, anti-money laundering (AML) procedures, and operational plans for stablecoin creation and redemption. The framework brings stablecoin issuers under the state's Money Services Business Act, mandating adherence to AML and Know Your Customer (KYC) protocols.
Furthermore, a companion bill passed by the legislature ensures the privacy of financial information gathered by the Florida Office of Financial Regulation from virtual currency enterprises and stablecoin issuers.