New Jersey Moves Closer to Crypto License With Introduction of Senate Bill

New Jersey has inched closer to implementing its own "BitLicense."

AccessTimeIconNov 9, 2020 at 8:55 a.m. UTC
Updated Sep 14, 2021 at 10:28 a.m. UTC

New Jersey has inched closer to implementing a cryptocurrency license similar to the "BitLicense" mandated in neighboring New York since 2015.

  • Sponsored by Sen. Nellie Pou (D.-35), a bill known as the "Digital Asset and Blockchain Technology Act" was introduced to the state Senate last Thursday.
  • Senate bill 3132 seeks to regulate cryptocurrency service providers under the oversight of the N.J. Department of Banking and Insurance.
  • The proposed law would require the issuance of a license for any entity looking to provide digital asset trading, storage, purchase, sales, exchange, borrowing/lending or issuance services.
  • Those entities, including businesses and individuals, will not be able to conduct any business activity unless they have either obtained a license in New Jersey or have a reciprocal license in another state.
  • Unlicensed entities operating in New Jersey could be on the hook for $500 a day until an application for a license is filed.
  • The senate bill follows the introduction of same legislation to the state's General Assembly in February (where it's bill number A2891) and subsequent referral to the Assembly Appropriations Committee.
  • A presence in both houses would appear to signal a high likelihood the bill could become law if signed by Gov. Phil Murphy, or at least is being taken seriously.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.