RATE Group | New Jersey Legislator Introduces a New Bill to Regulate Crypto Companies
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New Jersey Legislator Introduces a New Bill to Regulate Crypto Companies

22 Feb New Jersey Legislator Introduces a New Bill to Regulate Crypto Companies

Posted at 20:53h in Cryptocurrency News by

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A New Jersey lawmaker introduced a new bill that, if passed, would require cryptocurrency companies to obtain a license to run their businesses in the state.

The bill, named “Digital Asset and Blockchain Technology Act”, is sponsored by the New Jersey Assemblywoman Yvonne Lopez.

Its main purpose is to improve consumer protection laws in the crypto space, Lopez said in the official announcement. The legislation was presented on February 20th, according to the post on LegiScan.

The law states that crypto companies need to obtain permission from the New Jersey Department of Banking and Insurance, or another state that is in agreement with the New Jersey laws.

In order to get the approval, companies would have to reveal the legal and fictitious names that they use for running the business, previous licensing applications, and anti-money laundering and anti-terrorist financing policies.

Since the primary purpose of the legislation is to boost consumer protection, cryptocurrency…

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