The crypto industry is evolving, and this helps to raise awareness regarding cryptocurrencies. Recently, a New Jersey lawmaker introduced the Digital Asset and Blockchain Technology Act. According to this act, crypto exchanges, as well as custodians, should obtain the license to conduct business in New Jersey.
It means that any entity interested in providing digital asset trading, storage, purchase, sales, exchange, and so on should apply for the license. Moreover, the Department of Banking and Insurance will be in charge of this process, and the department would issue the license.
It is worth mentioning that, under the terms of the proposed bill, companies cannot engage in any business activity around digital assets without a license. Also, it is possible to conduct business if this company obtained a reciprocal license in another state.
Let’s have a look at the term “digital asset.” It includes virtual currencies as well as digitals securities and other assets and anything connected with this industry.
The purpose of this bill is to protect consumers. Assemblywoman Yvonne Lopez stated that they should protect consumers. However, she also emphasized the importance of this industry. Yvonne Lopez is the lawmaker who introduced this bill.
On the one hand, this bill would protect the customers. On the other hand, companies will know exactly how they are supposed to work in New Jersey
Crypto token and Vladimir Potanin
Vladimir Potanin is the richest person in Russia. He is currently worth $27.7 billion. He plans to expand his blockchain platform by launching his crypto token. Clients will buy metals, air tickets, and transfer ski passes from his businesses.
Moreover, Russia’s central bank is not against his plan. Potanin’s blockchain platform called Atomyze will also work in Switzerland and the U.S. However, in the case of those countries, it will only be available to institutional clients.
Based on the preliminary information, Atomyze will become operational by the end of 2020.