SPRINGFIELD, IL – In a press release from the Illinois Department of Financial and Professional Regulation (IDFPR), a pair of bills have been introduced requiring crypto firms to be licensed by the state and consumer protection measures to be implemented.

The Fintech-Digital Asset Bill will mandate “digital asset exchanges and other digital asset businesses to obtain a license from IDFPR robust customer protections, including investment disclosure, customer asset safeguards, and customer service standards.”

The Consumer Financial Protection Bill “provides IDFPR with the authority and resources necessary to enforce the Fintech-Digital Asset Bill as well as existing consumer protection laws.” 

Introduced by Rep. Mark Walker (D-Arlington Heights) and Senator Laura Ellman (D-Naperville), the joint bills follow a precedent set by New York last year requiring crypto firms to apply for the state’s BitLicense before operating.