Illinois to require license for digital asset businesses
Date postedFebruary 22, 2023
The Illinois Department of Financial and Professional Regulation has announced the Consumer Financila Protection and Innovation Package to establish regulatory oversight of cryptocurrencies and the digital asset marketplace. The Fintech-Digital Asset Bill "requires digital asset exchanges and other digital asset businesses to obtain a license from IDFPR to operate in Illinois." Additionally, the Money Transmission Modernization Act harmonizes state licensing, regulation, and supervision of money transmitters operating across state lines.