Two state legislators have submitted a bill to the New Jersey House of Representatives to prevent government employees from accepting bribes in cryptocurrencies.
Assemblymen Christopher Tully and Ellen Park
handed over to the New Jersey General Assembly to approve a bill that would prevent government officials from accepting non-fungible tokens (NFTs) or other digital currencies as gifts. Law co-author Christopher Tully
declaredthat the law is aimed at fighting corruption using cryptocurrencies.
“It is important that we adapt to the current environment and recognize cryptocurrencies and blockchain technologies. This proactive piece of legislation ensures that our ethics laws also adapt so that we can continue to demand high standards from public servants,” Tully said.
On Monday, the committee approved a separate bill that includes the basic foundations for the crypto industry in New Jersey. Under the new rules, operators of crypto exchanges in New Jersey will need to obtain a license from the state Department of Banking and Insurance to engage in “digital asset activities with or on behalf of residents.” Under the law, any cryptocurrency exchange operator convicted of embezzlement, forgery, fraud, or theft within the past five years will not be able to obtain a cryptocurrency license.
Potential licensees will be required to disclose a long list of details, including audited financial records and how they will enforce anti-money laundering and counter-terrorist financing laws. According to the Committee on Science and Innovation, the bill is intended to increase transparency and consumer protection for New Jersey residents in the crypto space.
“New Jersey is a hub of innovation, and with this bill, we can lead the nation in providing sound industry regulation,” said Assemblyman Yvonne Lopez, who sponsored the bill.
Lopez added that while the cryptocurrency “provides benefits, there is still a lot of risk for users to use it.” Recall that the law on licensing cryptocurrency exchanges in New Jersey was introduced back in 2020.
Source: Bits
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