Short answer
If your business exchanges, transfers, or stores digital assets with or for California residents, you generally need a DFAL license once the law takes effect, unless an exemption applies. Whether your activity is covered depends on your model, so it should be confirmed with an independent licensing attorney before you file.
The Digital Financial Assets Law applies to digital financial asset business activity conducted with or on behalf of a California resident. Activity that touches custody of customer assets is what usually brings a business inside the rule, while building software that never holds customer assets may fall outside it.
The statute carries exemptions, and the classification is fact-specific, so the practical first step is to assess your activity against the law before you commit to a filing. Cornerstone helps map that out and prepares the DFPI application where the license applies.
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