The Digital Financial Assets Law (DFAL) generally regulates digital financial asset business activity, including by prohibiting a person from engaging in digital financial asset business activity, or holding itself out as being able to engage in digital financial asset business activity, with or on behalf of a resident, unless the person is licensed by the Department of Financial Protection and Innovation, as prescribed. The DFAL defines "digital financial asset" to mean a digital representation of value that is used as a medium of exchange, unit of account, or store of value, and that is not legal tender, whether or not denominated in legal tender, as specified. The DFAL requires, among other charges, an applicant for a license to include a nonrefundable fee with an application, as specified.
This bill would require the department to adopt regulations to allow any payment required under the DFAL to be made with digital financial assets and would require the department to submit, on or before January 1, 2028, a report to the Legislature on those regulations, as specified. This bill would sunset its provisions on January 1, 2031.

Statutes affected:
AB 1180: 454 PUC
02/21/25 - Introduced: 454 PUC
03/17/25 - Amended Assembly: 5431 PUC, 5431 PUC, 454 PUC
03/27/25 - Amended Assembly: 5431 PUC