New Jersey progresses to crypto license with introduction of Senate Bill. (D.-35), a bill known as the “Digital Asset and Blockchain Technology Act” was introduced to the Senate last Thursday. The bill was sponsored by Senator Nellie Pou.
Senate bill 3132 looks to regulate cryptocurrency service providers under the oversight of the N.J. Department of Banking and Insurance. The proposed legislation would require the issuance of license for any company seeking to provide digital asset trading, storage, purchase, sales, exchange, borrowing / lending or issuance services.
Unless they either have received a licence in New Jersey or have a reciprocal licence in another state, those entities, including companies and individuals, would not be allowed to perform any business operation. Unlicensed organisations that operate in New Jersey could be on the hook for $500 a day before a licence application 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.
[image: Cameron Smith]
