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Apr. 9, 2026

California's DFAL: Understanding the new regulatory framework for digital asset businesses

California's Digital Financial Assets Law establishes a comprehensive licensing and oversight regime for digital asset businesses, requiring timely, well-prepared applications and ongoing regulatory engagement.

Avy Mallik

Partner
Morrison & Foerster LLP

Financial Services Group

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California's DFAL: Understanding the new regulatory framework for digital asset businesses
Shutterstock

California's Digital Financial Assets Law (DFAL), administered by the Department of Financial Protection and Innovation (DFPI), marks a watershed moment in developing a comprehensive licensing, supervisory, and enforcement regime for digital asset businesses operating in or serving California.

DFAL, with its July 1, 2026 licensing effective date approaching, covers a significant portion of the digital asset ecosystem, including crypto exchanges, third-p...

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