Florida To Create 'State Cryptocurrency Chief' Post

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The Florida Chief Financial Officer (CFO) said an official post of State Cryptocurrency Chief will be created to oversee the state's growing cryptocurrency market.

CFO Jimmy Patronis said, "The establishment of a cryptocurrency chief in the state will help protect Floridians from scams."

Patronis said he is implementing the financial security measure with the support of Senate President-Designate Bill Galvano.

ICO and cryptocurrency companies based in Florida will be required 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.

Citing the case of the Alabama Securities Commission, which recently sent a cease and desist order to Platinum Coin from Miami to prohibit the company from issuing securities within Alabama, Patronis pointed out that other states have identified and are taking action against bad actors in the cryptocurrency industry, and Florida also should follow suit.

Vowing to prevent exploitation in the cryptocurrency sector, Florida's top financial official said the state government will scrutinize emerging digital asset technologies.

Cryptocurrencies are becoming increasingly accepted as forms of payment for many transactions across Florida, including by government entities. The Seminole County Tax Collector recently announced that the office will accept bitcoin as payment for property taxes, identification cards and license plates.

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