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Florida Moves to Regulate Cryptocurrency

Florida Chief Financial Officer Jimmy Patronis released a statement on the need for Florida to provide oversight of the growing industry of cryptocurrency by creating a statewide cryptocurrency chief.
July 3, 2018

Florida Chief Financial Officer Jimmy Patronis released a statement on the need for Florida to provide oversight of the growing industry of cryptocurrency by creating a statewide cryptocurrency chief. “Florida can no longer remain on the sidelines when it comes to cryptocurrency,” said Patronis. “I have directed my office to create a position that will oversee how current securities and insurance laws apply to Initial Coin Offerings (ICOs) and cryptocurrencies as well as shape the future of these regulations in our state.”

“ICO and cryptocurrency companies based in Florida will also be required to register with the Office of Financial Regulation under the supervision of the cryptocurrency chief. The new position will coordinate the efforts of OFR and Office of Insurance Regulation regarding the development of policy, legislation, and regulation,” said Patronis, noting that other states have identified and are taking action against bad actors in the cryptocurrency industry, and that Florida must also protect its residents.

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