Florida is going to have its own cryptocurrency czar. Jimmy Patronis, the state’s chief financial officer thinks there should be someone who can keep a closer eye on cryptocurrency and initial coin offerings (ICO). A state-specific cryptocurrency czar will be responsible to oversee how current securities and insurance laws apply to cryptocurrencies and ICOs. Besides, any cryptocurrency and ICO company will have to register with the Office of Financial Regulation under the supervision of the new overseer.
“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 as well as shape the future of these regulations in our state,” the CFO said.
Patronis said he created this position in order to protect the citizens from any kind of exploitative investment pitches. As the ICO scams are becoming reinless day by day, the senior citizens of Florida are particularly vulnerable to falling for their schemes.
“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,” he said.
Although a nationwide crypto chief has already been hired by the US Securities and Exchange Commission, Patronis feels an urge for someone who can take care of activities happening in Florida.