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In June 2018, the CFO of Florida, Jimmy Patronis, announced a plan to create the role of ‘Cryptocurrency Chief’. The holder of this post will be tasked with overseeing the application of existing insurance and securities law to the ICO and cryptocurrency industry. In the long term, the Florida crypto chief will focus on the development of a comprehensive regulatory framework, coordinating with the Office of Financial Regulation (OFR) and the Office of Insurance Regulation (OIR) on policy, legislation and regulation. Under the prospective system, ICOs and exchanges will be required to register with the regulator who will be taking an approach focused on consumer protection, taking particular care to protect ‘seniors’. 1 The official statement from the CFO can be found here.

As with most government agencies, Florida are keen to harness blockchain innovation whilst placing an importance on the need to protect vulnerable investors from any potential risks associated with the burgeoning industry.


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