United States of America: Introduced Digital Asset and Blockchain Technology Act, including transparency requirements

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Description

Introduced Digital Asset and Blockchain Technology Act, including transparency requirements

On 7 February 2022, the Digital Asset and Blockchain Technology Act was introduced in the Assembly of the state of New Jersey. The bill requires cryptocurrency merchants to disclose the terms and conditions of their digital asset business at the moment the customer signs a contract. The disclosure must illustrate, among other things, a schedule of fees and charges, whether the consumer's account is protected by the Federal Deposit Insurance Corporation, and information stating that a digital assets investment is volatile and subject to market losses.

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Scope

Policy Area
Other operating condition
Policy Instrument
Consumer protection regulation
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
subnational
Government Branch
legislature
Government Body
parliament

Complete timeline of this policy change

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2022-02-07
under deliberation

On 7 February 2022, the Digital Asset and Blockchain Technology Act was introduced in the Assembly …