Bill Proposed Requiring Business Licenses for Crypto Assets in New Jersey

in #crypto4 years ago (edited)

The Digital Asset and Blockchain Technology Act was introduced last Friday in the state of New Jersey. Assemblywoman Yvonne Lopez introduced the bill as a way to regulate and monitor businesses that conduct in trading, sales, or anything that falls under a digital asset, such as virtual currency, digital securities, and anything that is recorded on a digital ledger.

Businesses that fail to comply cannot engage in any form of activity that has to do with such assets. It seems the bill is a reaction to businesses fleeing from New York due to the state’s capital expenditure requirement, with many of them being crypto-related.

Under the bill, businesses that are found without a license will be fined $500 a day starting from a notice of failure given by a regulator.

Despite the strict requirements, Lopez did mention that they aim to still make it fair for businesses, but time will tell if the bill will cause such entities to move shop to other states.

It seems the US government is slowly working its way to regulate cryptocurrencies and technologies, with things pointing towards federal levels of legislation.