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Can I offer a cryptocurrency as a form of payment without violating financial regulations in New Jersey? What are the requirements?

Based on the documents provided, businesses that engage in the transmission of money, including cryptocurrency, are required to obtain a license and comply with certain regulations in New Jersey [2.1][4.1]. To obtain a license, businesses must submit a completed application form, an original, executed bond or an irrevocable letter of credit, an audited financial statement, and the application fee [4.1]. Additionally, businesses must provide personal certification, a passport-style photograph, and fingerprints for each executive officer, key shareholder, officer, owner, partner, and manager responsible for the business [4.1].

There are no specific regulations in New Jersey that prohibit offering cryptocurrency as a form of payment [2.1]. However, businesses that engage in the transmission of money, including cryptocurrency, are required to obtain a license and comply with certain regulations [2.1][4.1]. If you are considering using cryptocurrency as a means of raising funds through crowdfunding, you may be eligible for an intrastate offering exemption [2.1][5.1]. To qualify for this exemption, the issuer must be a business entity organized under the laws of New Jersey, the sum of all cash and other consideration to be received for all sales of the security does not exceed $1,000,000, and the offering is made exclusively through a single Internet site operator that meets the requirements of N.J.A.C. 13:47A-12A.4 [2.1][5.1].

Source(s):
Jurisdiction

New Jersey