trust companies

Florida

2026-10-01 02:32:01

Florida payment stablecoin rules take effect on Oct. 1

Florida’s payment stablecoin rules took effect on Oct. 1, setting reserve, disclosure and licensing requirements for certain issuers in the state. Under the new framework, qualified trust companies that issue payment stablecoins in Florida generally must obtain a certificate of approval. Compliant issuers are also required to maintain reserves of at least 1:1 against outstanding stablecoins. Eligible reserve assets include cash, demand deposits at banks, short-term U.S. Treasuries and qualifying government money market funds. The rules also require monthly disclosure of reserve composition, accountant examinations, and certifications by the CEO and CFO. In addition, if a state-level issuer’s total payment stablecoin issuance reaches $10 billion, it must move into the relevant federal regulatory framework within 360 days unless it receives a federal exemption. Otherwise, the issuer must stop new issuance until the amount falls back below the threshold.

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Policy and Re

2026-09-10 06:08:27

Traditional trust firms are turning away crypto-rich clients over AML and source-of-wealth concerns

An increasing number of high-net-worth individuals whose wealth comes from Bitcoin and other cryptocurrencies are being rejected by traditional trust companies when trying to set up offshore trusts for tax planning and wealth succession, according to the Financial Times. The report says trustees are concerned about how difficult it can be to verify the source of funds tied to crypto holdings, as well as potential money-laundering exposure. They are also wary of sharp swings in digital asset prices and the fiduciary risks that could follow if private keys are lost. Some trust firms that focus on digital asset clients are still taking on this business by using on-chain analysis and tighter compliance reviews. Even so, most mainstream trustees remain cautious. Their concern, the report said, is that they could later face legal and reputational liability tied either to the origin of crypto assets or to major declines in their value.

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