New Jersey has inched closer to implementing a cryptocurrency license similar to the “BitLicense” in New York.
Sponsored by Senator Nellie Pou (D.-35), a bill known as the “Digital Asset and Blockchain Technology Act” was introduced to the Senate on November 5.
Senator Nellie Pou
The bill provides that a person may not engage in a digital asset business activity, or hold itself out as being able to engage in a digital asset business activity, with or on behalf of a resident unless the person is licensed in this State by the Department of Banking and Insurance, or has filed a pending license with the department, or licensed in another state to conduct digital asset business activity by a state with which this state has a reciprocity agreement.
“The bill requires the terms and conditions of a digital asset business involving a consumer’s account to be disclosed at the time the consumer contracts for a digital asset business service. The disclosure must be full and complete, contain no material misrepresentations, be in readily understandable language and may include, as appropriate and to the extent applicable, certain information concerning fees and charges, risks to the consumer, and any protections or securities that are in place.” the bill explained.
A presence in both houses would appear to signal a high likelihood the bill could become law, or at least is being taken seriously.
In Feb 2020, Assemblywoman Yvonne Lopez proposed the Digital Asset and Blockchain Technology Act. The legislation would establish new requirements for virtual currency businesses and create consumer-friendly protections by requiring crypto firms to disclose their legally registered names, Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) policies, and their licensing and legal history to the State of New Jersey’s Department of Banking and Insurance.
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