The New Jersey legislature is currently considering a new bill that would require companies in the cryptocurrency industry to obtain an appropriate business license.
On February 20, a woman named Yvonne Lopez proposed the Digital Assets and Blockchain Technology Act. The law would establish new requirements for virtual currency companies and create consumer-friendly protection by requiring cryptographic companies to disclose their legally registered names, Anti-Money Laundering (AML) and Terrorist Financing (ATF) policies and their licensing and legal history to the New Jersey Department of Banking and Insurance.
Bitcoin laws in the United States have not been fully implemented.
Although the biggest leap in Bitcoin was more than three years ago, there were no state laws on crypto in New Jersey. Unlicensed crypto operators had to be tried at the federal level by the Department of Justice.
The bill also requires crypto companies to disclose their consumer account terms and conditions and is protected by the Federal Deposit Insurance Cooperation (FDIC), as are traditional bank account holders. Each applicant would have to provide a list of fees and any information regarding the risks associated with investing in digital assets.
