Bill > AB236

This bill amends the Digital Financial Assets Law by establishing a cap on the application fee for businesses seeking to engage in digital financial asset business activities with California residents. Specifically, the bill limits the nonrefundable application fee that the Department of Financial Protection and Innovation can charge to $5,000, down from previously undefined limits. Digital financial assets are defined as digital representations of value used as a medium of exchange, unit of account, or store of value, but not legal tender. The bill maintains existing requirements for license applicants, which include providing detailed information about the business, its executives, financial condition, and operational plans. Applicants must still submit comprehensive documentation covering areas such as business history, criminal and legal background, financial statements, insurance coverage, and planned compliance measures. The amendment aims to standardize and potentially reduce the financial burden on businesses entering the digital financial asset market in California, while maintaining rigorous regulatory oversight to ensure the competence and integrity of these businesses.

Budget and Finance

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260AB236