What is Digital Financial Assets Law (DFAL)?
California statute regulating certain digital financial asset business activity with or on behalf of California residents.
DFAL requires many virtual-asset businesses to obtain a license from the California Department of Financial Protection and Innovation (DFPI), maintain consumer-protection and operational programs, and meet ongoing supervisory expectations.
Obligations vary by activity—custody, exchange, transmission, stablecoin, kiosk, and other statutory buckets. Exemptions may apply for some models; counsel should map your facts to the statute and DFPI publications.