Florida Enacts Stablecoin Licensing Framework And Government Payment Pilot

On June 26, Florida enacted House Bill 175 and Senate Bill 1568, establishing a state licensing framework for payment stablecoin issuers and a voluntary pilot program for payments to the Department of Financial Services. Specifically, the measures:

• Establish licensing and approval requirements. HB 175 generally prohibits a person from acting as a qualified payment stablecoin issuer in Florida without an Office of Financial Regulation license or an exemption. The bill also requires trust companies to obtain a certificate of approval and qualifying out-of-state issuers to notify the office within 30 days after beginning covered activity in Florida.
• Set reserve and compliance standards. HB 175 requires state-qualified issuers to maintain one-to-one reserves, disclose redemption policies and reserve information, obtain monthly reserve examinations, and submit officer certifications. The bill also incorporates applicable anti-money laundering and sanctions requirements and generally