Despite the current market slump, the cryptocurrency industry continues to expand in Florida rapidly. With the increasing popularity of digital currencies, risks in the form of ICO scams and other crypto-related frauds have also increased.

For Florida’s Chief Financial Officer Jimmy Patronis, the only way to address these potential issues is through closer scrutiny of the crypto industry as well as the creation of a new position — a new statewide cryptocurrency chief.

In a statement, Patronis emphasized the need to keep a close eye on the state’s booming crypto industry. The best way to achieve this task, according to Patronis, is to create a new cryptocurrency chief position, who will oversee the implementation of laws governing initial coin offerings (ICOs) and cryptocurrencies in general.

He stated:

“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 believes that Florida is, actually, behind another state in terms of ensuring the protection of its citizens against crypto-related crimes. As an example, he cited that Alabama Securities Commission already prohibited Miami-based Platinum Coin from issuing securities within Alabama.

Patronis urged that its time for Florida to protect its citizens as well. He said:

“Other states have identified and are taking action against bad actors in the cryptocurrency industry. Florida must also protect our residents.”

There is an increasing acceptance of cryptocurrencies as a payment method in Florida. In fact, businesses are not the only ones accepting cryptos to settle transaction as even government entities are slowly embracing the trend as well. For instance, Seminole County set the record for being “first US government agency to accept cryptocurrency as payment for county services.”

However, Seminole County’s decision to accept cryptos is hardly surprising since Florida is considered a crypto-friendly state. In fact, two of its cities – Tampa and Maimi – are considered to be among the top 10 most Bitcoin-friendly cities in the world.

Florida Wants Own Crypto Chief As Usage of Digital Currencies Increases was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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