New Jersey to introduce a new bill to regulate crypto industry
The proposal was presented by Assemblywoman Yvonne López

Lawmakers of
New Jersey have proposed a new bill to regulate crypto business. The proposed
bill seeks cryptocurrency companies to obtain a license in order to operate in
the state of New Jersey.

Up to this
point New Jersey has been dealing without any sort of crypto regulation at a
state level, as a result, cases against crypto companies that were operating
without a license were judged according to federal law.

The proposal
was presented on February 20 by Assemblywoman, Yvonne López. She suggested Digital
Asset and Blockchain Technology Act. The series of requirements include:

  • Mandatory registration for crypto-related businesses
  • Crypto companies need to disclose key information such as legal name, any prior disciplinary action against it, AML/CFT policies and more

During an interview, Assemblywoman said, it’s important to protect consumers looking to invest in cryptos without harming the sector. “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”, she added.

In 2014, the financial regulators of New York introduced the BitLicense, which was marked as the most difficult jurisdictions in the union for cryptocurrency-related companies to operate.

Source - Bitboy Crypto

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