Crypto News : In a significant move, California Governor Gavin Newsom has given the green light to a cryptocurrency bill that imposes stricter regulations on businesses involved in crypto operations. The regulations are set to come into effect in July 2025.

The bill, known as the "Digital Financial Assets Law," mandates that both individuals and companies engaged in digital asset-related activities must obtain a license from the Department of Financial Protection and Innovation (DFPI). This requirement aligns with California's existing money transmission laws, which prohibit banking and transfer services from operating without a DFPI commissioner-granted license.

A notable feature of this new crypto bill is the authorization it grants to the DFPI. The department will be able to impose rigorous audit requirements on crypto firms and compel them to maintain detailed financial records for at least five years. These records must include a comprehensive monthly general ledger listing all assets, liabilities, capital, income, and expenses of the licensee.