- New Jersey Assemblywoman Yvonne López proposed a bill to strengthen regulation of cryptocurrencies in order to establish the industry’s legitimacy and subsequently fuel its growth in New Jersey.
The lawmakers of New Jersey proposed a new bill directing crypto firms to mandatorily acquire business licenses to continue operation within the state. The new proposed bill, titled ‘Digital Asset and Blockchain Technology Act’, was sponsored by López.
López is aiming at fueling cryptocurrency growth by establishing the appropriate regulatory measures. As per the official report, the bill addresses two major aspects for the crypto firms to comply with:
- all firms will have to register with the Department of Banking and Insurance to obtain a license for operation.
- the aforementioned firms will have to reveal their legal names, and any history of prosecution along with anti-money laundering and anti-terror financing policies, among other details.
López stated:
“People see and hear about Bitcoin in their day-to-day lives, but most are not quite sure what it is. 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. [..] Everyone agrees that the industry has an exciting future — one right here in New Jersey.”
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