Florida is moving toward more clear regulation of crypto assets. The state legislature has approved Bill SB 314, which specifically focuses on stablecoins and payment instruments based on them. The document is now awaiting signature from Governor Ron DeSantis to become law.

What does it entail? Essentially, SB 314 sets rules for companies issuing payment stablecoins. They will need to obtain the necessary licenses and comply with standard anti-money laundering requirements, just like other financial institutions. An interesting point: the law clarifies that certain categories of payment stablecoins are not classified as securities.

Another restriction in Bill 314 concerns income. If the federal level bans paying interest to stablecoin holders, issuers will not be able to offer any alternative forms of income. This is a fairly strict requirement that could impact the business models of some projects.

Overall, Florida shows that it is willing to work with the crypto industry, provided that clear rules are followed. Such an approach could serve as a model for other states considering regulation of stablecoins at the local level.