In an official statement released on June 26th, Florida’s top financial official outlined plans to prevent crypto-related fraud.
In the statement entitled “Florida Needs Cryptocurrency Oversight”, Florida’s Chief Financial Officer Jimmy Patronis revealed plans on creating a state cryptocurrency officer.
Cryptocurrencies are slowly gaining acceptance as a payment option, with crypto becoming integrated with e-commerce portals, physical stores, and even some government agencies. Patronis views crypto as a perceived threat, but the official pledged in his statement to keep pace with demand and promises he will not get in the way of innovation while keeping an eye out for frauds and scams.
The Florida official believes a balanced approach towards crypto is needed and the state needs to provide “appropriate level of scrutiny for emerging digital asset technologies.” As Patronis explains in the statement:
“It is absolutely essential that Florida create safeguards to protect our consumers from fraud.”
Florida’s top financial official is cautious about the adoption of cryptocurrencies. Aside from regulation and oversight, Patronis wants to target the world of initial coin offerings (ICOs) as well.
Patronis plans to create an office to oversee the ICO sphere and help shape regulations in the state. He also bared plans to require ICOs and crypto companies based in Florida to register with the state.
Florida’s initiative isn’t the first in the US. Operation Cryptosweep, which began in May 2018 is still ongoing, and on the global stage, regulators from different countries are coordinating their efforts in stopping scammers and fraudsters.