The state of Florida is looking to tighten its oversight of cryptocurrencies and ICOs…
Differing States in America are offering different approaches to cryptocurrency. Wyoming, for instance, is leading the way in welcoming crypto, looking to pass laws that’ll attract crypto investors and businesses.
Florida? Well, it’s looking to keep a closer eye on things. In particular, the chief financial officer of the state, Jimmy Patronis, has now created a job role of a cryptocurrency ‘czar’, whose responsibility it’ll be to look at how current legislation works with the crypto economy.
Furthermore, the new role will also bring with it the task of coming up with crypto regulations for Florida. In particular, with a view of protecting the state’s elderly population from scams and such like.
In Patronis’ words, “we cannot allow the cryptocurrency industry to expand in Florida unfettered and unchecked with the potential for so many, including our large population of seniors, to be exploited. By taking an active, comprehensive and balanced approach, our state will provide an appropriate level of scrutiny for emerging digital asset technologies. It is absolutely essential that Florida create safeguards to protect our consumers from fraud”.
All ICOs and cryptocurrency companies with a Florida base will now have to register with the state’s Office of Financial Regulation.
It doesn’t sound as though Florida is exactly greeting crypto with the open arms of Wyoming. It’ll be interesting to see how the new appointment pans out.
The official press announcement can be found here.