Florida's Chief Financial Officer Jimmy Patronis believes his state needs to start keeping a closer eye on cryptocurrency and Initial Coin Offerings (ICOs). That's why he created a position for a state-specific cryptocurrency czar who'll be in charge of looking at how current securities and insurance laws apply to digital currencies and ICOs. The official will also help conjure up crypto regulations for the state. In addition, all ICO and cryptocurrency companies based in Florida will now be required to register with the Office of Financial Regulation and will be under the supervision of the new czar.
In an announcement released by his office, Patronis said Florida needs to be able to provide "an appropriate level of scrutiny" for the increasingly popular currency in order to protect its residents. ICO scams are becoming more rampant, after all, and Florida's huge senior citizen population is especially vulnerable to falling for their schemes. The CFO said:
"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. It is absolutely essential that Florida create safeguards to protect our consumers from fraud."
The US Securities and Exchange Commission named a nationwide crypto chief in early June, but Patronis clearly thinks Florida needs someone who can focus on activities happening in the state.