Vote Smart's Synopsis:

Vote to pass a bill that establishes the Digital Assets and Blockchain Regulation Act to allow decentralized autonomous organizations to form in the state, permit companies to issue electronic stock certificates, and would create tax incentives for virtual currency businesses to move to New Jersey.

Highlights:

• Establishes regulations for digital assets, cryptocurrencies, and blockchain technologies and requires the state to develop a program promoting blockchain integration (Sec. 2).

• Prohibits elected officials from accepting virtual currencies and non-fungible tokens as gifts (Sec. 2).

• Authorizes decentralized autonomous organizations to form in the state and permit companies to issue electronic stock certificates, (Sec. 2).

• Establishes tax incentives for virtual currency businesses to move to New Jersey (Sec. 2).

• Defines “virtual currency” as a digital asset that is a stablecoin, used as a medium of exchange, unit of account, or store of value, and not recognized as legal tender by the US government (Sec. 2).

• Specifies that the aforementioned term does not include game-related digital content or a loyalty giftcard (Sec. 2).

• Requires crypto currency developers file online with the Department of Banking and Insurance before making an open blockchain token available for sale, and pay a $1,000 filing fee (Sec. 2).

Full Bill Text