On or after July 1, 2026, a person shall not engage in digital financial asset business activity, or hold itself out as being able to engage in digital financial asset business activity, with or on behalf of a resident unless any of the following is true:

1. (a) The person is licensed in this state by the department under Section 3203.
2. (b) The person submits an application on or before July 1, 2026, and is awaiting approval or denial of that application.
3. (c) The person is exempt from licensure under this division pursuant to Section 3103.