How California’s Digital Financial Assets Law Affects You

In October 2023, California Governor Gavin Newsom ratified state Assembly Bill 39 and state Senate Bill 401, collectively known as California’s Digital Financial Assets Law (DFAL) in October 2023.  The DFAL empowers California’s Department of Financial Protection and Innovation (DFPI) with rulemaking authority to address perceived risk to consumers and investors in the digital assets space. 

Under this bill, Crypto kiosk operators had an effective date of January 1, 2024 to comply with location reporting, $1,000.00 transaction limit (per person, per day), and receipt transparency requirements, with additional obligations due next year. 

While Margo maintains compliance with this new law, we understand the impact this has on our customers in California. We are pleased to be able to assist you in navigating these new regulatory waters with additional options for your digital assets needs, including our Private Client Desk where you can buy and sell $3k – $1M of digital currency per day via wire transfer.