TRENTON, N.J.—A proposed New Jersey crypto bill aims to implement mandatory business licenses for firms dealing in cryptocurrency operations.
“New Jersey has so far remained a crypto-friendly destination. However, a lawmaker from New Jersey has tabled a bill that will require all the crypto firms operating within the state’s jurisdiction to apply for a business license. The proposed New Jersey crypto bill wishes to control the booming local digital currency industry with adequate supervision and regulations,” Cryptopolitan said.
The proposed law would require virtual currency entities to secure a license from the state’s financial regulator.
“The proposed bill titled ‘Digital Asset and Blockchain Technology Act’ is an act to bring in more transparency in the state’s virtual currency realm and strengthen the state’s consumer protection regulations,” Cryptopolitan said.
Cryptocurrency businesses would have to share extensive details. They will have to provide their legal name, business purpose, services, prices of services, and operational history to the Federal Deposit Insurance Cooperation. The firms will also have to share the anti-money laundering policy with the authorities.