New Delhi, July 3 -- Every cryptocurrency exchange, stablecoin issuer, and Bitcoin ATM operator that serves California residents without a state license is now in violation of California law. The Digital Financial Assets Law, signed by Governor Gavin Newsom in October 2023 and delayed once by the legislature, activated its full licensing requirement at midnight on July 1. The California Department of Financial Protection and Innovation can now pursue civil penalties of up to $100,000 per day against any unlicensed entity engaging in covered activity with the state's 39 million residents.

DFPI intends to enforce.

The DFAL covers exchanges, custodians, transfer services, and stablecoin issuers - any entity that exchanges, transfers, store...