Assemblywoman Introduces Digital Asset and Blockchain Technology Act

gepubliceerd op by Cointele | gepubliceerd op

New Jersey just became one of the first states to propose legislation around crypto companies.

According to a new bill, cryptocurrency businesses must now obtain a proper license to operate.

The legislation would establish new requirements for virtual currency businesses and create consumer-friendly protections by requiring crypto firms to disclose their legally registered names, Anti-Money Laundering and Anti-Terrorist Financing policies, and their licensing and legal history to the State of New Jersey's Department of Banking and Insurance.

Though the largest Bitcoin surge happened over three years ago, there were no state regulations surrounding cryptocurrency in New Jersey.

Unlicensed crypto operators had to be tried on a federal level through the Department of Justice.

"People see and hear about [Bitcoin] in their day-to-day lives, but most are not quite sure what it is. We must take steps to protect consumers looking to invest in cryptocurrency, while also allowing the sector to continue to develop and expand in New Jersey."

Anyone applying would need to provide a schedule of fees, and any information regarding the risks of investing in digital assets.

"With this legislation, consumers will be better-informed of the risks involved when investing in virtual currency."

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