Florida to Appoint Crypto Chief to Oversee ICOs

The cryptocurrency industry is simply becoming too big to ignore.

At the state level, Florida is taking action to oversee the cryptocurrency sector by creating the position of Crypto Chief.

Announced on June 26, Florida Chief Financial Officer Jimmy Patronis revealed plans to appoint a cryptocurrency chief for the management and monitoring of emerging ICOs and digital asset activity within the state.

Patronis explained in the official announcement that the need for cryptocurrency oversight derives from the pandemic of persisting scams targeting older residents of the state.

It's becoming evident that authorities at both the federal and state level are starting to take action to better understand the emerging digital asset class and protect investors.

"We cannot 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. By taking an active, comprehensive and balanced approach, our state will provide an appropriate level of scrutiny for emerging digital asset technologies."

Although still in its early stages, the cryptocurrency industry is beginning to mature as it makes its way towards public adoption - creating a higher demand for regulation and drawing more attention from authorities.

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

In the announcement, Patronis conveyed that the state laws would now require ICOs to register with the Florida Office of Financial Regulation and that the newly appointed cryptocurrency chief would work with state regulators to develop new policies on monitoring new crypto projects.

With support from Senate President-Designate Bill Galvano, Patronis is well-poised to bring Florida to the forefront of cryptocurrency innovation and regulation - leading the way for other U.S. states to follow.