Illinois HB5303 amends the Digital Assets and Consumer Protection Act to redefine terms and adjust effective dates.
Illinois HB5303 amends the Digital Assets and Consumer Protection Act by redefining terms such as "digital asset," "digital asset business activity," and "exchange." It specifies exclusions like peer-to-peer exchanges and prepaid cards. The bill also adjusts the effective dates for certain provisions, extending them until January 1, 2028. It mandates annual reporting for registrants and outlines the requirements for registration applications, including financial disclosures and background checks.
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