A lawmaker in New Jersey has introduced a crypto bill that seeks to mandate licensing for the crypto industry in the state. Currently, there are no specific regulations regarding cryptocurrency in New Jersey. The proposed bill requires all crypto businesses to register with the state’s department of banking and insurance.
The bill requires crypto companies to be more transparent with authorities.
The proposed bill, if passed, would require the crypto companies to disclose details of anti-money laundering and counter-terror financing measures it is taking. The crypto companies will also have to reveal a list of license revocation, suspension, or any other disciplinary action taken against it in any other state. The list includes criminal convictions, deferred prosecution agreements, and pending criminal charges.
The US FinCEN to soon introduce new crypto regulations
One of the earliest cities in the USA to adopt crypto regulations was New York, when regulators made it necessary for exchanges to obtain Bitlicense. Many of the crypto businesses flew from the state because of that law. Earlier, US Treasury Secretary Steven Mnuchin revealed that the United States Financial Crime Enforcement Network would reveal new laws regarding crypto. The treasury secretary had said that they want to make sure crypto is not used like old Swiss secret bank accounts.