Regulations

Wyoming supports Senate bill for cryptocurrency

A new milestone was reached in a major way by the state of Wyoming. According to a new bill introduced by the lawmakers in the state, cryptocurrencies are clarified as personal property.

The introduction of the new bill has made some concrete cryptocurrency regulations as it grows globally.

Wyoming is now creating a better framework for cryptocurrencies via the bill which is expected to become law and make cryptocurrencies be treated more like money.

Bitcoin together with many other virtual currencies will be subjected to the law and policies of money. The goal is to shift payments from fiat-currencies into a more decentralised way of moving money while at the same time having Banks provide services for digital assets.

According to information from the bill:

“An act relating to property, classifying digital assets within existing laws, specifying that digital assets are property within the Uniform Commercial Code. Authorising security interests in digital assets, establishing an opt-in framework for Banks to provide custodial services for digital assets property as directed custodians”

Caitlin Long , the co-founder of the Wyoming Blockchain Coalition and also a veteran in Wall Street, She celebratedthe bill that was passed from the House 57-1 on Twitter:

Lawmakers in the state presented a new bill in order to allow the firms to issue certificates related to tokens, rather than just a simple stock certificate.

There have been several bills that have been designed and presented in the state in order to support the growth of the digital currency market. The state has also become one of the most interested in the promotion and growth of virtual currencies as they are opening the market to new companies and firms.

A few jurisdictions around the world have taken similar measures as Wyoming with Countries like Malta, being able to transform itself into the island of Blockchain.

A good number of countries have already moved to the island in order to start business operations. For example, the cryptocurrency exchanges Binance and Bitbay have reportedly already have opened offices in the country.

More states in the U.S. are expected to bring in new regulations in the future, that can be adopted by other countries and jurisdictions.

In the United States, for example, more states will be following the path set out by Wyoming. As the crypto industry grows to become a landscape with competing currencies there could be other states that can analyse the implementation of similar rules and legal frameworks, that will be put forward.

What is your option of these Bills being passed? Please feel free to leave a comment down below.

coinmag

My occupation is the Research of blockchains and their practical applications in the economy. I have graduated through various levels of education, including electrical technique, Business, Psychology, and innovative technologies.

Leave a Comment

Your email address will not be published. Required fields are marked *