Gov. Ron DeSantis signed three bills Friday that directly affect Florida’s financial services sector and the treatment of money.
CS/CS/HB 175 brings stablecoins under state regulation, in line with the federal Guiding and Establishing National Innovation for U.S. Stablecoins Act, better known as the GENIUS Act. The bill takes effect Oct. 1.
The Office of Financial Regulation (OFR) will determine whether an entity qualifies as a “qualified payment stablecoin issuer,” either by issuing a money services business license or, in the case of trust companies, granting a certificate of approval.
Under the law, stablecoins can be used for financial settlement, with their value pegged at a fixed one-to-one rate of exchange with the U.S. dollar.
CS/CS/SB 1568 establishes the Florida Stablecoin Pilot Program within the Department of Financial Services. Under the law, applicants and licensees who interact with DFS can voluntarily pay certain licensing, registration, application and renewal fees using approved “payment stablecoins.” The department will determine which stablecoins qualify based on strict financial safeguards, such as being fully backed by reserve assets worth at least $1 billion.
The bill also authorizes DFS to maintain a state-designated digital wallet to convert stablecoin payments into U.S. dollars. It took effect immediately upon signing.
HB 505 brings virtual currency kiosk operators under the state’s money transmitter licensing rules, requiring them to register with OFR, among other new requirements.
Kiosk users also must be warned of the risk of fraud, with this message required on the initial display screen:
“WARNING: FRAUD OFTEN STARTS WITH CONTACT FROM A STRANGER. IF YOU HAVE BEEN DIRECTED TO THIS MACHINE BY SOMEONE CLAIMING TO BE A GOVERNMENT AGENT, BILL COLLECTOR, LAW ENFORCEMENT OFFICER, OR ANYONE YOU DO NOT KNOW PERSONALLY, STOP THIS TRANSACTION IMMEDIATELY AND CONTACT YOUR FINANCIAL ADVISOR OR LOCAL LAW ENFORCEMENT.”
Transaction limits are capped at $2,000 a day for new users and $10,000 a day for established customers.
OFR will require operators to provide transaction records as evidence of compliance as a condition of license renewal.
Legislators hope the measure will keep people from being scammed into using these machines out of duress or ignorance. Time will tell whether it works as intended.