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

2020-11-09 15:00
New Jersey has inched closer to implementing a cryptocurrency license similar to the “BitLicense” mandated in neighboring New York since 2015.
  • Sponsored by Sen. Nellie Pou (D.-35), a bill known as the "Digital Asset and Blockchain Technology Act" was introduced to the state 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.
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