New Jersey Moves to Join New York in Implementing Cryptocurrency License

Recall that BitLicense goes into effect in June 2015, which allows. Companies and individuals that offer digital currency services have 45 days to apply for a license. Now, New Jersey is waking up to implement a similar cryptocurrency license to BitLicense.

The bill tilled; Digital Asset and Blockchain Technology Act was announced to the Senate last Thursday by Senator Nellie Pou (D.-35). The bill, 3132 seeks to regulate cryptocurrency service providers under the oversight of the N.J. Department of Banking and Insurance.

Similar to bitLincense, the proposed bill enables entities looking to offer digital asset trading, storage, purchase, etc. to carry out the various activities. On the other hand, unlicensed individuals and companies in New Jersey get to pay a fine of $500 a day until an application is filled.

Own your keys; Own your coins.