In Florida, the crypto space and the many bad actors in it committing crimes to rip off people have prompted officials to create a cryptocurrency czar of sorts.
The announcement came this week from the state’s Chief Financial Officer, Jimmy Patronis.
Let’s discuss.
Oversight needed
In his statement, Patronis said there was a need for Florida to provide oversight of the growing crypto industry, and one way to do this is to put in place a statewide cryptocurrency chief.
He said:
“Florida can no longer remain on the sidelines when it comes to cryptocurrency. I have directed my office to create a position that will oversee how current securities and insurance laws apply to Initial Coin Offerings (ICOs) and cryptocurrencies.”
The chief will also help craft the regulations needed for ICOs and crypto companies that want to operate in the state.
For example, Florida wants crypto-related outfits to register with the Office of Financial Regulation (OFR) under the supervision of the cryptocurrency chief. The new position will coordinate the efforts of OFR and Office of Insurance Regulation (OIR) regarding the development of policy, legislation and regulation.
The Alabama connection
Florida unwittingly got swept up in a crypto fraud that began in Alabama. According to Patronis’ release:
"The Alabama Securities Commission recently sent a cease and desist order to Platinum Coin from Miami to prohibit the company from issuing securities within Alabama. Other states have identified and are taking action against bad actors in the cryptocurrency industry. Florida must also protect our residents.”
Seniors need protections
Florida is home to a significant number of senior citizens. They include people who live in the Sunshine State year round, or Snow Birds, who flee to the state from their northern homes to escape the cold weather.
On this topic, Patronis stressed that Florida would not allow the cryptocurrency industry to expand in Florida “unfettered and unchecked with the potential for so many, including our large population of seniors, to be exploited.”
Increased use of BTC
Cryptocurrencies are becoming increasingly accepted as forms of payment for many transactions across the state, including by government entities, Patronis noted. For example, the Seminole County Tax Collector recently announced that the office will accept Bitcoin as payment for property taxes, identification cards and license plates.
By taking an active, comprehensive and balanced approach, Patronis said his state will provide “an appropriate level of scrutiny for emerging digital asset technologies.” He added that It is absolutely essential that Florida create safeguards to protect our consumers from fraud.
“The establishment of a cryptocurrency chief in the state will help protect Floridians from scams. Understanding the risks and benefits of this emerging industry will benefit Florida consumers. My goal is to keep pace with demand and not deter innovation while monitoring for fraudulent behavior and scams.”
This article appeared first on Cryptovest
