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California’s New Digital Financial Assets Law Requires Application for Cryptocurrency Licenses to be Submitted by July 1, 2026

California's Digital Financial Assets Law (DFAL) creates a licensing regime for crypto firms serving California residents.
Entities must license or apply through NMLS by July 1, 2026 to continue operations in California.
The law sets consumer protections, including disclosures and 10 hours of live support.
Crypto kiosks face transaction limits and receipt disclosures under DFAL.
DFAL exempts certain banks and small-scale operators from licensure.
Licensing requires ongoing capital, liquidity, and supervision under the DFPI.
Licensees must disclose risks and potential conflicts of interest to users.
The DFAL aligns with AB 39 and SB 401 to regulate crypto kiosks and consumer protections.
The DFAL is codified in California Financial Code with DFPI oversight.
Licensees face ongoing supervision, reporting, and potential enforcement.

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