New Jersey crypto bill recommends mandatory business license for crypto firms

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 state 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. As more states exercise tighter oversight over cryptocurrency operations, New Jersey doesn’t want to be seen as a laggard. The proposed law would require virtual currency entities to secure a license from the state’s financial regulator.

New Jersey crypto bill aims to regulate the state’s crypto scene

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…