This bill establishes a comprehensive regulatory framework for qualified payment stablecoin issuers in Florida, effective October 1, 2026. It revises the definition of "money services business" to include these issuers and introduces new terms related to payment stablecoins. The bill mandates that qualified issuers comply with specific regulations, including submitting annual certifications to the Office of Financial Regulation, which will oversee licensing and supervision. It outlines conditions for license revocation and imposes criminal penalties for violations. Additionally, the bill amends the Florida Control of Money Laundering in Money Services Business Act to encompass payment stablecoins, requiring businesses to maintain transaction records and comply with anti-money laundering provisions.

Key provisions include the requirement for issuers to maintain reserves on a one-to-one basis with outstanding stablecoins and to publicly disclose their redemption policies and reserve compositions. The bill also establishes an application process for becoming a qualified payment stablecoin issuer, with specific criteria for evaluation and a timeline for decision-making. It empowers the commission to adopt rules for administering these regulations, ensuring compliance with federal standards related to capital, liquidity, and risk management. Overall, the legislation aims to enhance transparency, accountability, and consumer protection in the stablecoin market while providing a clear regulatory environment for issuers.

Statutes affected:
S 314 c1: 560.114