skip to Main Content
bitcoin
Bitcoin (BTC) $ 77,633.80 0.02%
ethereum
Ethereum (ETH) $ 1,494.89 2.52%
tether
Tether (USDT) $ 0.999648 0.01%
xrp
XRP (XRP) $ 1.87 0.44%
bnb
BNB (BNB) $ 555.68 1.53%
usd-coin
USDC (USDC) $ 1.00 0.01%
solana
Solana (SOL) $ 104.38 0.37%
tron
TRON (TRX) $ 0.233217 3.08%
dogecoin
Dogecoin (DOGE) $ 0.146935 1.32%
cardano
Cardano (ADA) $ 0.576817 2.11%

New Jersey Moves Closer to Crypto License With Introduction of Senate Bill

New Jersey State House
(Henryk Sadura/Shutterstock)

New Jersey has inched closer to implementing a cryptocurrency license similar to the “BitLicense” mandated in neighboring New York since 2015.

  • Sponsored by Senator Nellie Pou (D.-35), a bill known as the “Digital Asset and Blockchain Technology Act” was introduced to the Senate last Thursday.
  • Senate bill 3132 seeks to regulate cryptocurrency service providers under the oversight of the N.J. Department of Banking and Insurance.
  • The proposed law would require the issuance of a license for any entity looking to provide digital asset trading, storage, purchase, sales, exchange, borrowing/lending or issuance services.
  • Those entities, including businesses and individuals, will not be able to conduct any business activity unless they either have obtained a license in New Jersey or have a reciprocal license in another state.
  • Unlicensed entities operating in New Jersey could be on the hook for $500 a day until an application for a license is filed.
  • The senate bill follows the introduction of same legislation to the state’s General Assembly in February (where it’s bill number A2891) and subsequent referral to the Assembly Appropriations Committee.
  • A presence in both houses would appear to signal a high likelihood the bill could become law, or at least is being taken seriously.
Loading data ...
Comparison
View chart compare
View table compare
Back To Top