USA – FLORIDA Trends and Developments Contributed by: Rebecca G. DiStefano, Jeannie Regidor and Marina Olman-Pal, Greenberg Traurig, P.A.
The Fiduciary Access to Digital Asset Act Chapter 740, F.S. – the Florida Fiduciary Access to Digital Assets Act – uses a deliberately broader defi- nition for estate-planning purposes. Under this act, a “digital asset” is “an electronic record in which an individual has a right or interest”, not including the underlying asset unless that asset is itself an elec- tronic record (Section 740.002 (11), F.S.). The broad definition reaches everything from email and cloud- stored files to cryptocurrency wallets and tokenised claims. Chapter 740 also defines “custodian” (a per- son that carries, maintains, processes, receives or stores a digital asset), “user”, “fiduciary” (covering personal representatives, guardians, agents under a power of attorney, and trustees) and the “online tool” (a custodian-provided service through which a user can direct disclosure or non-disclosure separately from the terms-of-service agreement). Florida’s Payment Stablecoin Bill Florida is positioned to be among the first states with a comprehensive regulatory framework for payment stablecoin issuers. CS/HB 175 (companion CS/SB 314) establishes a regulatory framework for state- qualified payment stablecoin issuers that is substan- tially similar to the Guiding and Establishing National Innovation for US Stablecoins Act (the “GENIUS” Act), Pub L No 119-27, 12 USC Sections 5901 et seq. The bill and its companion passed both chambers of the Florida Legislature in March 2026 and as of this writ- ing awaits gubernatorial action. As enacted, this bill would create a state-qualified path to issue payment stablecoin in Florida and would position the OFR to obtain the substantial-similarity certification that the GENIUS Act requires for state regulators to retain authority over state-qualified issuers below the federal threshold. Most substantive licensing and prudential provisions are scheduled to take effect on 1 Octo- ber 2026, with definitions, OFR certification authority, and conforming amendments to the Florida Control of Money Laundering in Money Services Businesses Act effective upon the bill becoming law. Two licensing pathways The bill establishes two routes to qualify as a state- qualified payment stablecoin issuer. Non-bank applicants would obtain a money services business licence under new Part V of Chapter 560, F.S. (Sec-
tions 560.501 et seq), which expands the definition of “money services business” in Section 560.103, F.S., to include state-qualified payment stablecoin issu- ers. Trust companies, which are exempt from Flori- da’s money services business laws because they are regulated under the financial institution codes, would instead obtain a certificate of approval under the new Section 658.997, F.S. The substantive prudential and operational requirements are the same across both pathways. Insured depository institutions are exclud- ed from the state-qualified category by federal defini- tion, which means that Florida state banks and credit unions that are FDIC-insured would not be eligible to serve as issuers under the Florida framework. Exemptions and carveouts Federally qualified payment stablecoin issuers would be exempt from Florida licensure, as would out-of- state state-qualified issuers operating into Florida as a host state, subject to a 30-day written notice to the OFR upon establishing a branch, soliciting custom- ers or otherwise engaging in business activities in the state. Direct peer-to-peer transfers between individu- als acting on their own behalf for lawful purposes, intra-entity cross-border transfers between accounts of the same individual under the same parent compa- ny, and transactions using software or hardware self- custody wallets would be excluded from regulation. Payment stablecoin meeting the statutory definition would expressly not be a security under the Florida Securities and Investor Protection Act. Application and decision timeline Applicants would have to satisfy existing money ser- vices business licensing requirements, together with a stablecoin-specific supplement covering minimum prudential capability, fitness of officers and direc- tors (including a felony disclosure for insider trading, embezzlement, cybercrime, money laundering, financ- ing terrorism, and financial fraud), redemption policy, and competence of the management team. The OFR would determine completeness within 30 days and render a decision on a substantially complete applica- tion within 120 days. An application would be deemed approved if the OFR fails to act within the 120-day window. Denied applicants would have a right to a hearing under the Florida Administrative Procedure Act and could file successive applications.
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