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