No. CS/CS/HB 175
Payment Stablecoin; Revises Florida Control of Money Laundering in Money Services Business Act to include payment stablecoins; requires certain payment stablecoin issuers to comply with certain regulations; prohibits persons from engaging in activity of qualified payment stablecoin issuer without being licensed or exempted from licensure; requires out-of-state state-qualified payment stablecoin issuers to provide specified written notice to OFR within a specified timeframe; specifies that certain transactions are not regulated under certain provisions; specifies that certain payment stablecoin is not security & not subject to certain provisions; specifies that office remains solely responsible for supervising qualified payment stablecoin issuers or is jointly responsible with Office of Comptroller of Currency for such supervision under certain circumstances; prohibits trust company from engaging in activity of qualified payment stablecoin issuer unless trust company obtains certificate of approval or is exempted from such certificate.
Plain English Summary
AI-GENERATEDFlorida bans unlicensed payment stablecoin issuance, forcing new entrants to obtain state licenses or qualify for specific federal exemptions before operating.
Issuers must maintain one-to-one liquid reserves and submit monthly reports, ensuring stablecoins are fully backed by safe, identifiable assets.
Businesses must record and report stablecoin transactions over $10,000, subjecting them to the same felony penalties as virtual currency money laundering violations.
Issuers exceeding $10 billion in outstanding stablecoins must transition to federal regulation or cease issuing new tokens, capping state-level market size.
AIMoney services businesses must now record and report payment stablecoin transactions over $10,000, and willful violations involving payment stablecoins carry the same felony penalties as violations involving virtual currency.
AIFlorida law now defines what constitutes a payment stablecoin and distinguishes between state-qualified and federally qualified payment stablecoin issuers, creating the regulatory foundation for licensing and supervision.
AIProhibits unlicensed payment stablecoin issuance while exempting federally qualified and out-of-state state-qualified issuers.
AIMandates one-to-one reserves in specific liquid assets, monthly reserve reporting, and public disclosure of redemption policies and fees.
AIRequires issuers to implement AML and sanctions programs and submit annual certifications to the Office of Financial Regulation.
AIForces issuers exceeding $10 billion in outstanding issuance to transition to federal regulation or cease issuing new stablecoins.
AIProhibits trust companies from issuing payment stablecoins without obtaining a specific certificate of approval from the Office of Financial Regulation.
AIThe definition of qualified payment stablecoin issuer excludes uninsured national banks, federal branches, and insured depository institutions, reserving state licensing authority for non-federal entities only.