The Florida Senate unanimously approved the first bill in the US regulating the use of stablecoins at the state level. The document is expected to be signed by the governor within 30 days.

If the law comes into effect, consumer protection and anti-money laundering requirements will apply not only to fiat funds but also to stablecoins. Issuers of such digital assets will be required to comply with anti-money laundering rules on par with banks and other financial institutions.

The law also prohibits the issuance of stablecoins without a license. Issuing companies from other states will need to send a written notice to the Florida Office of Financial Regulation (OFR) before starting operations in the jurisdiction.