IL SB3666

Creates the Digital Assets Regulation Act, establishing the Department of Financial and Professional Regulation as the primary regulator of digital asset business activity in Illinois.

Defines digital assets as digital representations of value used as medium of exchange, unit of account, or store of value, excluding certain rewards programs, gaming tokens, and prepaid cards.

Requires persons engaging in digital asset business activity (exchanging, transferring, storing digital assets, or digital asset administration) to obtain registration from the Department unless exempt.

Creates the Special Purpose Trust Company Article in the Corporate Fiduciary Act, allowing corporations and limited liability companies to obtain certificates of authority to provide fiduciary custodial services related to digital assets.

Establishes customer protections including disclosure requirements, custody safeguards for customer assets, compliance programs (cybersecurity, anti-fraud, anti-money laundering), and civil penalties up to $100,000 for violations; effective immediately upon passage.