>According to the official statement mentioned in the introduced bill, “The bill provides that a person may not engage in a digital asset business activity, or hold itself out as being able to engage in a digital asset business activity, with or on behalf of a resident unless the person is licensed in this State by the Department of Banking and Insurance, or has filed a pending license with the department, or licensed in another state to conduct digital asset business activity by a state with which this state has a reciprocity agreement.”
>The recent bill shows that New Jersey is moving one step forward to embrace a similar regulatory structure implemented by neighboring New York, known as [BitLicense](https://www.financemagnates.com/cryptocurrency/news/erisx-gains-bitlicense-for-new-york-operation/). 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.
It will be interesting to see how long before other States begin implementing their own version of these types of laws.