Wyoming Passed a Bill Allowing the Use of Cryptocurrency CoinsScroll Down
On January 18, legislators in the U.S. state of Wyoming introduced a bill in the local senate that would effectively legitimize cryptocurrencies and their use. Entitled the "Digital Assets-Existing Law," the legislation actually classifies cryptocurrencies as 3 separate entities: virtual currencies, digital consumer assets and digital currencies. The bill, if enacted into law, would consider all three categories of cryptocurrency as intangible property. What's more, virtual currencies would be treated as no different from U.S. dollars or other forms of fiat currency. The bill also touches upon custodial services for cryptocurrencies. It would give banks in the state the ability to provide such services within 60 days of notifying the state's banking commissioner in writing. The legislation is just the latest of many cryptocurrency-related bills to be introduced in the state legislature in recent months. Just a few days earlier — on January 16 — legislation was introduced that would allow state-based corporations the ability to issue tokens registered on a blockchain. If the bill becomes law, these tokens would represent corporate stock certificates in a secure and auditable way. It would further allow holders of these tokens to transfer share ownership of a company to another using digital means. Earlier this month, the state legislature passed two pieces of legislation that they hope will create a regulatory environment in the state that is supportive of both blockchain technology and digital currencies. One bill establishes that cryptocurrencies tokens do not require federal security law exemptions, while the other bill creates what they call a regulatory sandbox for fintech. This sandbox establishes a testing environment that waives regulations that would ordinarily hinder innovation in fintech. The state has further been involved in implementing blockchain-based solutions in support of government administration. Just last month, Teton County indicated that they were developing a blockchain-based solution for managing land records. The county is developing this system in cooperation with Overstock, which is a large online retailer that has long been supportive of cryptocurrencies and their underlying technologies.