IL HB5303

Exempts persons whose digital asset business activity with Illinois residents totals $5,000,000 or less annually from the Digital Assets and Consumer Protection Act's requirements

Requires the Department of Financial and Professional Regulation to approve, conditionally approve, or deny license applications within 120 days of receiving a completed application

Extends the transition period for covered persons and covered exchanges to comply with the Act from January 1, 2027 to January 1, 2028

Delays the effective date of rules adopted under the Act from January 1, 2026 to January 1, 2027

Replaces license renewal application requirements with annual reporting requirements and excludes money transmission of legal tender from the definition of digital asset business activity