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California becomes the next US state to issue an order to regulate cryptocurrencies

Yesterday, May 4, 2022, Gavin Newsom – Governor of California officially signed an executive order to regulate and supervise cryptocurrencies.

After President Joe Biden’s executive order on cryptocurrencies was announced in March 2022, states and states across the US are rushing to introduce official bills on this asset class. And recently, California Governor Gavin Newsom signed an executive order aimed at harmonizing the regulatory framework for blockchain technology and cryptocurrencies between the Federal Government and the US state.

Reportedly, on the same day of May 4, 2022, the Hawaii State Senate officially passed bill SB2695 co-signed by Sens to regulate and supervise cryptocurrencies, NFTs, blockchain technology…

In a statement issued on Wednesday (May 4, 2022), the California Governor’s office said executive order N-9-22 and the California Consumer Financial Protection law will allow the state to creating “a transparent and consistent business environment for companies” in the Web3 space and the cryptocurrency market in general. According to the executive order, the California state government will establish general regulations on cryptocurrencies so that “blockchain technology can be applied to the core interests of the community.”

Specifically, the Governor’s Office of Business and Economic Development will coordinate with relevant organizations and units to identify and get feedback from the people. They will simultaneously introduce regulations for cryptocurrencies and parallel test the application cases of blockchain technology for important fields such as healthcare, education, e-commerce, etc. At the same time, Designated educational institutions will research and measure workforce relevance in this emerging industry.

When speaking about the executive order, Gavin Newsom – Governor of California said:

California is a global hub for innovation, and we are establishing specific regulations so that the blockchain industry can foster new developments for the common good of the community. As the government often lags behind technological advancements, we must go ahead to lay the foundation for rapid and sustainable development for people as well as businesses and organizations.

Notably, the Governor of California specifically prioritized clearly addressing specific regulations in the crypto space so that investors as well as businesses can participate and receive commensurate benefits. At the same time, the designated agencies need to implement the application of blockchain technology as well as its applications in practical fields to best serve the needs of the community.