Nov 09, 2020
Another state moves closer to legalize crypto and digital assets through regulation. The new law was introduced to the New Jersey Senate.
New Jersey is the next destination for crypto regulation. On 5 November 2020, the bill called “Digital Asset and Blockchain Technology Act” was introduced to the New Jersey Senate. Bill includes some terminology about the field in the beginning part. The new bill elaborates on the main points about who can be and cannot engage in the digital assets field. If you want to involve in these activities, you have to have a license in New Jersey or a similar permit that is legal in other states. If you do not have the consent, then you will be getting fined $500 every day till you get a license. This regulation can bring the government and crypto sector together, and making it safe for users.
The law has to be enacted by the Senate and General Assembly of the State of New Jersey. It seems that those authorities will pass the law soon.
This kind of regulation is not unusual for the United States. Previously, in 2015 New York adopted the BitLicense. During the early stages, at least ten crypto firms exit New York, and some companies such as Gemini and itBit stayed. New York Business Journal called this “Great Bitcoin Exodus.” Beginning in 2016, companies applied for the license. Ripple, Coinbase, bitFlyer got their BitLicense successively. It seems that the implication of regulation in 2015 was a little bit early for crypto companies. EU Parliament had different ideas about regulating new innovative technologies. During the parliament session, German MP- Jakob von Weizsacker expressed his opinion by saying: “As with any new tech, we are at an early stage. So, what we advocate is not to stifle innovation by regulating too early.” It seems a rational move toward this matter.”
If you are curious about the regulations and Bitcoin, you can check out our latest blog.
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