“Digital assets and blockchain regulationThe law allows decentralized autonomous organizations to form within the state, allows companies to issue electronic stock certificates, and creates tax incentives for crypto businesses to move to New Jersey. To do.
Developers must also apply online to the Ministry of Banking and Insurance and pay an application fee of $1,000 before an open blockchain token can be sold.
Senator Robert Singer (R-Ocean), the originator of the Senate version of the blockchain regulation bill, has taken aim at recently approved legislation in New York and amended the bill to make it more business-friendly. He said he plans to implement it. It’s called “very restrictive”.
“We want to be more industry friendly,” Singer said. “I don’t want to be restrictive. I want to be open-minded, but I also want to protect the consumer.”
New York Governor Kathy Hochul has yet to sign the nation’s first bill passed in June Two-year moratorium on proof of work crypto mining. This type of mining is considered environmentally harmful as it requires large amounts of fossil fuel energy.
New Jersey’s bill does not currently include these types of restrictions. Singer said he is working with the Democrats who sponsored the proposal at the General Assembly and with the business community on the proposed amendment. I didn’t clarify.
Rep. Raj Mukerji (D-Hudson) and Rep. Yvonne Lopez (D-Middlesex), co-sponsors of the bill, could not be reached for comment.
Still a relatively new concept to many Americans, the cryptocurrency market faces a lot of uncertainty in 2022 as the prices of coins such as Bitcoin and Ethereum continue to fluctuate.