California regulator will get expanded powers to work with cryptoassets

The Department of Financial Protection and Innovation (the new name of the California Department of Business Oversight) has been given increased authority to regulate digital tools. The corresponding document was signed by the governor and will enter into force on January 1 of next year.

In particular, to work with new innovations and protect consumers of financial services, an appropriate Office will be created, whose powers will also include the functions of monitoring emerging solutions in the field of finance and digital instruments, among other things.

“This law will allow us to strengthen consumer protection without imposing an undue burden on honest and fair operators,” concluded Commissioner Manuel Manuel Alvarez.