[Florida, USA Payment Stablecoin Regulatory Rules Take Effect October 1] Gold News reports that, effective October 1, the Florida Legislature’s official website announced the addition of §658.997, “Qualified Payment Stablecoin Issuer,” to the 2026 Florida Statutes, implementing the federal GENIUS Act framework. Key provisions: ① Trust companies issuing payment stablecoins within the state must obtain an approval certificate from financial regulators; decisions must be rendered within 120 days of application, with silence deemed approval; ② Federally qualified issuers (approved by the OCC) and out-of-state qualified issuers (required to file notice within 30 days) are exempt, and compliant stablecoins are not classified as securities; ③ Issuers reaching a scale of $10 billion must transition to federal oversight or cease issuance within 360 days; ④ Minimum prudential requirements include 1:1 reserves, disclosure of redemption policies, monthly publication of reserve composition, and monthly certification by the CEO and CFO.
Florida's Payment Stablecoin Regulations Take Effect on October 1
jinse2Share
Summary
Florida’s stablecoin regulation took effect on October 1 under §658.997 of the Florida Statutes, aligning with the federal GENIUS Act. Trust companies must obtain approval to issue payment stablecoins, while federally qualified and out-of-state qualified issuers are exempt. Issuers reaching the $10 billion cap must seek federal oversight or cease operations. Prudential requirements include 1:1 reserves, monthly reserve disclosures, and monthly certifications by the CEO and CFO. This regulation impacts risk-on assets linked to the stablecoin market.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.