What were the consequences of the 2017 NJ law on crypto exchanges?

1 answers

• Dec 17, 2021 · 3 years ago
  The 2017 New Jersey law had a profound impact on crypto exchanges. It introduced a licensing requirement for exchanges, which meant that they had to meet certain criteria and obtain a license to operate legally in the state. This led to a decrease in the number of exchanges operating in New Jersey, as some were unable to meet the requirements. The law also imposed stricter KYC and AML regulations on exchanges, which increased compliance costs and made it more difficult for users to trade anonymously. While the law aimed to protect consumers and prevent illegal activities, it also created challenges for exchanges and limited the options available to cryptocurrency traders in New Jersey. Overall, the consequences of the law were a mixed bag, with both positive and negative impacts on the crypto exchange industry.
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