The US state of New Jersey unveiled plans to regulate the cryptocurrency industry in its territory. The new legislation is modelled after legislation adopted in New York several years ago, back in 2015, and it would put cryptocurrency companies under the oversight of the New Jersey Department of Banking and Insurance.
The new bill is called "Digital Asset and Blockchain Technology Act" and was presented to the local senate by Senator Nellie Pou. The bill could become law if it passes and gets signed by Gov. Phil Murphy.
According to the proposed law any entity that provides digital asset trading, storage, purchase, sales, exchange, borrowing/ lending or issuance services, involving crypto currencies would require a license. Companies without one will be fined 500 USD per day until they file for a license.
Source
Regulation makes this industry safer, so this decision is likely a good thing.
The new bill is called "Digital Asset and Blockchain Technology Act" and was presented to the local senate by Senator Nellie Pou. The bill could become law if it passes and gets signed by Gov. Phil Murphy.
According to the proposed law any entity that provides digital asset trading, storage, purchase, sales, exchange, borrowing/ lending or issuance services, involving crypto currencies would require a license. Companies without one will be fined 500 USD per day until they file for a license.
Source
Regulation makes this industry safer, so this decision is likely a good thing.
