New Jersey State to Consider Digital Assets and Blockchain Law

A licensing bill has been submitted to the New Jersey State Legislaturecompanies representing the cryptocurrency industry.

The document was submitted for consideration by YvonneLopez, who called it the Digital Assets and Blockchain Technology Act. It says that every enterprise in the blockchain industry should disclose to the supervisory authorities all information about its activities. Startup licensing will be handled by the New Jersey Department of Banking and Insurance.

Yvonne Lopez emphasizes:

«People often hear about Bitcoin, butmost of them don't understand what it is. We must take steps that will protect citizens who want to invest in cryptocurrency. We also need to create a favorable environment for the development of the sector in New Jersey.

If the bill is passed, then each crypto company will be required to submit a report on its activities to the Federal Deposit Insurance Corporation (FDIC).

Every digital businessassets, will have to provide the supervisor with information about all the risks of investing in tokens. The document will help every resident of the state to better understand cryptocurrencies and be sure that the state will protect them from scammers, the author of the law believes.

Note that in another US state, New YorkThere is already a law on licensing blockchain startups. The document was adopted back in 2014; it introduced strict frameworks for the activities of crypto companies. Regulators can revoke a license if any clause of the law is violated.

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