California has been an early adopter of crypto and blockchain technology and thus has taken the initiative to regulate these technologies. California is the first state to recognize the rights of blockchain-based businesses. The state has also been proactive in providing guidance to cryptocurrency and blockchain projects for legal compliance. California has also established a comprehensive licensing framework for crypto-asset businesses.
NEM 3.0 is now available in California, and businesses have begun to take advantage of its expanded features.
At the moment, California is the only state in the United States to have adopted the latest version of NEM. However, the California State Legislature is in the process of passing the final bill, which will officially recognize the blockchain solution for its innovative use cases.
NEM 3.0 allows for a much faster and smoother transactions process, as it significantly reduces the time required for users to access their accounts.
As of October 31, 2019, the California Assembly voted to pass the “NEM 3.0 Crypto Asset Security and Privacy Act of 2019.” The bill will be presented to the California State Senate for consideration, which, if passed, will allow for the use of the NEM blockchain technology in the state of California.
Additionally, NEM 3.0 comes with enhanced support for cryptocurrency and more account-related features.
California is one of the most crypto-friendly states in the country. There are no restrictions on cryptocurrency investment or use in California, and the state has also been a leader in developing blockchain solutions for businesses. In fact, California has been a driving force in the blockchain revolution. California has also been a big advocate for the adoption of blockchain technology in the real estate industry. NEM is an ideal blockchain solution for the real estate industry in California due to the security levels it provides.
NEM 3.0 is supported by the California Department of Business and Technology (DBT).
The California Department of Business and Technology (DBT) has not yet published a list of specific programs that will use the latest version of the public blockchain. However, the DBT does offer a list of programs that have already adopted NEM 3.0. California’s Department of Business and Technology is responsible for regulating the security and privacy of the state’s blockchain technology. DBT has been working closely with the public blockchain community to ensure the security of the recent upgrades.
Though NEM 3.0 is not mandatory in California, DBT’s State of Cryptocurrency in California report recommends that businesses that don’t use NEM 3.0 consider upgrading to the newest version of the platform.
As of December 2018, California has yet to officially recognize cryptocurrency as a legal form of payment. However, the California Department of Business and Professional Registration has approved the use of the NEM blockchain in the state as a means of tracking business transactions. California’s Department of Finance also recognizes the value of cryptocurrency in the state as an asset, which is why it has chosen to cooperate with the Ethereum Foundation’s Decentralized Identity project.
NEM 3.0 is available for use in California businesses with a business license.
The California Digital License program is currently in a two-phase rollout. The first phase began in September 2018, and the second began in May 2019. Currently, the first phase is for businesses with $1 million or more in annual gross receipts and the second is for businesses with $2 million or more in annual gross receipts. The California Digital License program is available to businesses with a California business license.
NEM 3.0 is also available for use by businesses that use a DBT-authorized service provider.
California has not yet adopted the new asset registration and identity management features required by the state’s Digital Asset Tokenization Act (DATA Act). While the California Department of Business & Professional Registration (DBR) has submitted the necessary proposals to the California State Legislature, the State Assembly has not yet voted on the bills.
Conclusion
The California Digital Token bill has been assigned to the Senate Appropriations Committee, which is the first step towards it being voted on by the full legislature. If the bill passes through the committee, it will be sent to the Senate floor for consideration. If it passes the full senate, it will be signed into law by the Governor.
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