New Jersey lawmaker files bill to require licenses for crypto companies

Quick Take

  • A New Jersey lawmaker has proposed a new bill that would require all crypto firms to obtain a business license in order to operate in the state
  • The bill was introduced on Feb. 20, according to public record, and was referred to the New Jersey Assembly Financial Institutions and Insurance Committee.

A lawmaker New Jersey has introduced a new bill that, if passed and signed into law, would mandate that cryptocurrency businesses must obtain a license to operate in the state.

The new bill – the "Digital Asset and Blockchain Technology Act" –  aims to strengthen consumer protection laws in the cryptocurrency space, according to an official announcement. The measure was introduced on Feb. 20, according to data published on LegiScan.

The legislation states that such firms would have to obtain approval from the New Jersey Department of Banking and Insurance or another state that has agreements with the New Jersey government.