The state of New Jersey may be the next in the US to enact laws for the regulation of digital currencies in the country.
A bill introduced in the state’s senate titled, “The Digital Assets and Blockchain Technology Act”seeks to mandate the state’s Department of Banking and Insurance to commence licensing of businesses and entities that operate cryptocurrency and blockchain-related services in the country.
The bill, which was introduced by Senator Nellie Pou (D-35) demands that any operators operating without a license be fined $500 daily until they file for the authorization. Bill 3132, introduced last Thursday came months after the state’s General Assembly pushed a similar bill to the Appropriation Acts department.
The February bill A2891 of the General Assembly and bill 3132 of the state senate shows that cryptocurrency and blockchain are important issues to the law makers. It is also an indication that a law regulating digital assets would soon be enacted in New Jersey.
The state of New York had enacted a similar law in 2015. Its BitLicense law is considered too stringent that it discourages the operation of cryptocurrency and blockchain concerns in the state. In a bid to ameliorate the situation, the state has last June softened its stance by creating a window period for entities to operate through a pilot program.