Bill > S1756

This bill, the "Digital Asset and Blockchain Technology Act," establishes the Digital Asset and Blockchain Technology Act in New Jersey. The key provisions of this bill include: 1. Requiring persons engaging in digital asset business activities within New Jersey, such as receiving, transmitting, storing, or issuing digital assets, to be licensed by the Bureau of Securities in the Division of Consumer Affairs. 2. Defining key terms like "digital asset," "digital asset business," and "virtual currency," and establishing exemptions from the licensing requirement for certain digital assets used in limited contexts. 3. Outlining the application and renewal process for digital asset business licenses, including background checks and information disclosure requirements. 4. Authorizing the Bureau to grant, deny, suspend, or revoke digital asset business licenses based on certain criteria, and providing the Bureau with investigative and enforcement powers. 5. Establishing consumer protection requirements for digital asset businesses, such as disclosure obligations and policies for resolving customer complaints. 6. Allowing the Bureau to participate in multistate licensing systems and adopt rules and regulations to implement the Act. The bill aims to regulate and provide oversight over the digital asset and blockchain technology industry in New Jersey.

Budget and Finance, Business and Industry

https://www.njleg.state.nj.us/bill-search/2022/S1756