California Financial Code

§ 3603

FIN § 3603 Effective Jan 1, 2025Div. 1.25 · Ch. 6

Statute text

(a)Notwithstanding subdivision (a) of Section 3601, a covered person may exchange, transfer, or store a stablecoin or engage in digital financial asset administration of that stablecoin, whether directly or through an agreement with a digital financial asset control services vendor, if that stablecoin is approved by the commissioner pursuant to subdivision (b), provided that the covered person complies with any requirements, restrictions, or prohibitions established by the commissioner pursuant to subdivision (c).

(b)(1) The commissioner may approve a stablecoin for exchange, transfer, or storage by a covered person, or for issuance pursuant to digital financial asset administration, if the commissioner determines that the stablecoin does not compromise the interests of residents who may use the stablecoin as a payment for goods and services or as a store of value.

(2)In determining whether to make an approval under paragraph (1), the commissioner shall consider all of the following factors:

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Legislative history

Amended by Stats. 2024, Ch. 945, Sec. 4. (AB 1934) Effective January 1, 2025.