New Jersey State Senate to Consider BitLicense

New Jersey Peers Bill, if adopted, a licensing regime for cryptocurrency companies will start operating in the state, similar to BitLicense.

Sponsored by Senator Nelly Pou (Nellie Pou) was introduced to the New Jersey State Senate The bill "On digital assets and blockchain". The bill is aimed at regulating cryptocurrency services under the supervision of the banking and insurance of the state of New Jersey.

The proposed law will require obtaining a license for any organization, who wants to provide digital asset trade services, their storage, purchase, sale, Exchange, borrowing/lending or release. These organizations, including legal entities and individuals, will not be able to conduct commercial activities, If they have not received a license in New Jersey, or do not have a similar license in another state.

Unlicensed companies can be fined $500 a day before the application for a license is submitted. The introduction of the bill to the Senate followed his consideration in the General Assembly of the state in February and its subsequent transfer to the Assembly Committee for Assembly.

The licensing mode proposed in New Jersey is largely similar to the regulation of Bitlicense, operating in the state of New York with 2015 of the year. Recall, that in the summer the department of financial services of the state of New York (NYDFS) stated, What will simplify the receipt of Bitlicense for cryptocurrency firms and listing new coins on trading floors.