California Governor Gavin Newsom approved the Digital Financial Assets Law, which introduces stricter regulations for those involved in cryptocurrency.

Under this new legislation, entities, including individuals, will have to get a license from the Department of Financial Protection and Innovation (DFPI) before they can operate in the digital assets industry. 

In a statement issued last Oct. 13, Gov. Newsom said, “This bill requires the DFPI to create a robust regulatory framework, including licensure and enforcement authority, for certain crypto activities.”

In 2022, Gov. Newsom did not sign a bill that also aimed to require crypto businesses to get a special license to operate. Despite the law passing the California State Assembly without opposition, Newsom said it was “premature”.




The Digital Financial Assets Law is expected to take effect in July 2025


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