On October 13, 2023, California Governor Gavin Newsom approved the Digital Financial Assets Law. Among its provisions, the law prohibits a person from engaging in digital financial asset business activity with or on behalf of a California resident unless, among other things, the person is licensed with California’s Department of Financial Protection and Innovation. āDigital financial assetā is defined as a digital representation of value that is used as a medium of exchange, unit of…
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