New Jersey Lawmakers Introduces Regulatory Bill For Crypto Companies
The lawmaker of New Jersey has introduced a new bill to regulate the virtual currency industry and if that law would be regulated then all the crypto industries in the state would have to obtain a license for operation.
Digital Asset and Blockchain Technology ActAccording to the report, there has been a need to strengthen the consumer protection laws in the crypto space, that was the reason the lawmaker decided to introduce the Digital Asset and Blockchain Technology Act.
The report further stated that while filling up an application for the license the crypto industries would have to disclose their real names, fictitious or trade name and their legal history. The companies would also have to disclose their policies regarding Anti-Money Laundering and Anti-Terrorist Financing.
The lawmaker mentioned that it is important for crypto-firms to release their terms and conditions, details regarding the fees, and their compliance status with Federal Deposit Insurance Cooperation for their consumers.
Blockchain Association Co-Founder Supports AssemblywomanRecently, the prime sponsor of the bill, Assemblywoman Yvonne Lopez stated, “We must take steps to protect consumers looking to invest in cryptocurrency, while also allowing the sector to continue to develop and expand in New Jersey.”
While agreeing with Lopez’s statement, the Co-founder of Blockchain Association Of New Jersey, Guillermo Artiles, stated that the license is important as for the industries associated with Blockchain as it would help them project a clear image of their industry in front of the consumers.
The innovation economy keeps New Jersey competitive, however we must also ensure consumers remain protected. This Digital Asset and Blockchain Technology Act accomplishes both of these goals and creates an infrastructure for the virtual currency industry to thrive in NJ! https://t.co/SiEEAuMz8q— Yvonne Marie Lopez (@AswLopez) February 18, 2020
According to the report, if the companies would compare the New Jersey Bill with New York’s onerous BitLicense, then they would find that Lopez’s bill is a lot less intrusive and better-intended than that of the latter.
About The Author
Jyoti SinghGraduated from GGSIPU and did PG Diploma in English Journalism from IIMC. Last worked at Business News and Information Services Ltd. for more than one and a half years as a sub-editor.
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