Florida, the US state is known for its sunny weather, is all set to have its own cryptocurrency Czar. Florida’s chief financial officer, Jimmy Patronis, said in a statement Tuesday that he has made way for a new position to supervise the state’s cryptocurrency industry. He explained that the new in charge will be tasked with enforcing strict regulations to protect investors from potentially malicious actors.
“Florida can no longer remain on the sidelines when it comes to cryptocurrency. I have directed my office to create a position that will oversee how current securities and insurance laws apply to Initial Coin Offerings (ICOs) and cryptocurrencies as well as shape the future of these regulations in our state,” Patronis remarked.
Patronis emphasized that the position was required in order to prevent any form of exploitative investment pitches. For now, it is not known when the position will be filled, or by whom. Patronis reiterated, however, that the steps to be taken are necessary ones.
Many lawsuits have been filed in Florida in connection with the BitConnect cryptocurrency scam. Moreover, the U.S. state was once the home of Cryptsy, the now-defunct exchange service that collapsed in early 2016 and led to allegations of fraud, a class-action lawsuit, and a multimillion-dollar judgment.
While Patronis wants to “keep pace with demand and not deter innovation,” he added that “it is absolutely essential that Florida create safeguards to protect our consumers from fraud.”