New Jersey lawmakers have proposed a new bill aimed at regulating cryptos.
If this new regulation is eventually approved, all crypto-related companies will have to receive a special license in order to operate in the state.
This new proposal, known as the Digital Assets and Technology Blockchain Act, was presented on February 20 by Assemblywoman Yvonne López. It introduces a series of requirements for companies in the sector to operate freely. Among others:
- Compulsory registration of crypto-related companies.
- The creation of user protections (crypto companies must disclose to the State of New Jersey’s Department of Banking and Insurance their legal names, anti-money laundering and anti-terrorist financing policies, and their licenses.
This US state did not have its own crypto legislation, as a result, all cases against companies that were operating without a license were judged according to federal law.
Yvonne López has said it is necessary to have local regulations:
"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."
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.