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New Jersey Introduces Digital Asset and Blockchain Technology Act | Finance Magnates

New Jersey Introduces Digital Asset and Blockchain Technology Act | Finance Magnates | The Marteq Alert | Scoop.it
New Jersey has moved closer to the implementation of a state-level regulatory framework for firms involved in cryptocurrency services. The new Senate bill was introduced on Thursday.

The newly presented Senate bill (3132) proposes to regulate cryptocurrency service providers under the New Jersey Department of Banking and Insurance. 

The recent bill shows that New Jersey is moving one step forward to embracing a similar regulatory structure implemented by neighboring New York, known as BitLicense. The New York State Department of Financial Services (NYSDFS) designed a licensing framework for businesses involved in digital currencies. BitLicense came into effect in 2015, and now several crypto firms are regulated under the framework. The presence of a newly introduced bill by New Jersey in both houses appears to be a strong indication that crypto licensing is being taken seriously at all levels.
CYDigital/marteq.io's insight:

NJ has to make this move, given that whatever happens in NY happens in NJ, and vice versa.

 

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Former BitLicense Chief to Manage Andreessen Horowitz’s Cryptocurrency Efforts - Coindesk

Former BitLicense Chief to Manage Andreessen Horowitz’s Cryptocurrency Efforts - Coindesk | The Marteq Alert | Scoop.it
The one-time New York State finance regulator who shepherded the state’s BitLicense through its early days will join tech ventures fund Andreessen Horowitz (a16z) to focus on cryptocurrency companies.

CYDigital/marteq.io's insight:

A shrewd move to place the fox into the henhouse. What does this tell you about crypto?

 

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BitLicense Has Done More Good Than Bad to the Bitcoin Sector - NewsBTC

BitLicense Has Done More Good Than Bad to the Bitcoin Sector - NewsBTC | The Marteq Alert | Scoop.it
When BitLicense was introduced, it was hailed as a defining moment, where the government-less and regulation-less cryptocurrency platforms meet regulatory machinery set up by governments and centralized organizations. A bit over one year down the line, BitLicense is being constantly referred back to, in order to avoid doing the same mistakes.

BitLicense, introduced by Benjamin Lawsky, then Superintendent of the New York State Department of Financial Services led to the implementation of a stringent regulatory framework for the digital currency industry. The license was seen on par with the regulatory practices mainstream financial services are subjected to. However, the requirements stated by BitLicense, in order to overcome the decentralized and pseudonymous nature of Bitcoin far exceeded the AML and KYC practices otherwise followed by traditional banks and financial institutions. These factors proved to be detrimental to the majority of Bitcoin businesses operating in the State of New York.

Bitcoin was and still is relatively new, the sector being in its nascent stage makes most of the companies working on Bitcoin and Blockchain technologies startups. The stringent requirements stated by BitLicense was impossible to adhere to unless the company had venture capital backing. In addition, the BitLicense also threatened the very principle of Bitcoin, which was developed as a decentralized currency for peer to peer transactions where governments or any third party has no business meddling with.
CYDigital/marteq.io's insight:

And worthy of note: adhering to BitLicense standards still does not give anyone a pass with the SEC.

 

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The Distributed Ledger: Blockchain, Digital Assets and Smart Contracts - JDSupra

The Distributed Ledger: Blockchain, Digital Assets and Smart Contracts - JDSupra | The Marteq Alert | Scoop.it
On June 24, 2020, the New York State Department of Financial Services (DFS) announced a set of policies and proposals to clarify and streamline the regulatory landscape for virtual currency entities doing business within the state. These initiatives all relate to the licensing framework DFS established in June 2015 in anticipation of a proliferation of blockchain technology and virtual currencies, 23 NYCRR Part 200 (the 2015 Licensing Regime). The licensure and compliance requirements imposed by the 2015 Licensing Regime caused the BitLicense — the business license issued by DFS under the 2015 Licensing Regime permitting companies to engage in virtual currency activities — to be viewed as an indication of quality and security. At the same time, the standards and procedures under the 2015 Licensing Regime have been widely criticized as expensive, time-consuming and onerous, and have caused a number of virtual currency business to cease either their operations or plans to operate within New York.

The Self-Certification Policy allows a BitLicensee to create an internal virtual currency-listing policy through which it can self-certify the use of new virtual currencies (in addition to those permitted under the Greenlist Policy) without obtaining case-by-case approval from DFS. Prior to listing new virtual currencies through an internal coin-listing policy, a BitLicensee must obtain DFS approval that the policy meets certain criteria to protect consumer welfare.
CYDigital/marteq.io's insight:

Relevance: regulations are slowly moving into place around the launch and management of cryptocurrencies. This is important as crypto can be used as a basis for rewarding consumers for access to their data. What is not entirely clear is how state-level regulation meshes with SEC guidance.

 

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