California AB2285 regulates digital financial asset custody and staking services by financial institutions.

California AB2285, the Digital Financial Asset Banking Act, mandates that financial institutions provide digital asset custody services in either a fiduciary or nonfiduciary capacity. It requires financial institutions to enter into written custodial agreements with customers, detailing whether digital financial assets are insured and the institution's cybersecurity measures. The act also imposes anti-money laundering compliance requirements, including risk-based internal controls and customer due diligence.

California AB2285 regulates digital financial asset custody and staking services by financial institutions.

California AB2285, the Digital Financial Asset Banking Act, mandates that financial institutions provide digital asset custody services in either a fiduciary or nonfiduciary capacity. It requires financial institutions to enter into written custodial agreements with customers, detailing whether digital financial assets are insured and the institution's cybersecurity measures. The act also imposes anti-money laundering compliance requirements, including risk-based internal controls and customer due diligence.