On February 27, 2015, California Assembly member Matt Dababneh (D – Encino) introduced AB 1326, which would require virtual currency businesses to be licensed by the Department of Business Oversight (DBO).  To get licensed, businesses must pay $5,000 to register, provide detailed information (including audited financials for the most recent year) and keep a specified amount of funds (established case by case by the Commissioner of the DBO) in certain types of investment-grade permissible investments, which excludes virtual currencies.