Lawmakers become Blockchain friendly
There has been a continues development in the U.S. for the advancement and deployment of cryptocurrencies. In the state of Wyoming where some popular places can be found like Yellowstone National Park, the Steep Canyons and the gushing geysers, the state has been very active within the cryptocurrency community with the signing of the state’s four new blockchain bills for the state.
The state has past a few bills on the development of blockchain banking applications. Wyoming became the first state in the U.S to issue bitcoin owners their full property rights. This has started to bring some progress to this draconian like state with the use of cryptocurrencies. According to information coming from the Blockchain Coalition there was an announcement that they have just signed four new bills. Specifically on the application of Blockchain technology in Wyoming.
The four Blockchain bills in Wyoming
These bills were signed and detailed by Wall Street veteran and Wyoming’s Blockchain trailblazer Caitlin Long. All the bills that were signed pertained to special Purpose exiting laws, Commercial Filling System, Depository Institutions, Corporate Stock Tokens and Digital Assets. The bills were detailed and were described as:
- Commercial filling System: The Blockchain bill authorises the secretary of the State to create a Blockchain-based commercial filling system for Business entity registration, submissions and reports. It also includes certain financial statements and other similar types of filling.
- Special Purpose Depository Institutions: This is in order to create institutions to service Blockchain companies that cannot access traditional banking services. However, the institutions are prohibited from providing loans and must maintain 100
percentof its deposits in its reserves. The bill states that they must comply with theapplicable federal laws.
- The existing laws of Digital Assets: This section classifies Digital Assets by type; digital securities or virtual
currencies,while specifying how each one should be treated in the context of the existing commercial laws. The banks located in Wyoming can also opt into become custodians of these digital assets under the terms of the bill.
- Corporate Stock Certificate Tokens: The bill will allow businesses in Wyoming to issue “certificate tokens” on the Blockchain rather than stock certificates. This will help them to list certificated or uncertificated Blockchain shares.
Wyoming to become one of the most Blockchain progressive states
In contrast to these developments of the innovative potential of the blockchain, New York has been one of the three worst States in the progression of Blockchain technology companies. It’s BitLicense has been very controversial to the state and has cause exchanges to disclose unwanted information on its global clients.
The Act has been seen as a ‘regulatory overreach’ and has even violated international privacy laws. The state has also went so far to start creating cryptocurrency task forces to further clamp down with regulators on these assets.
Other states like Rhode Island and Arizona have also joined the list of states to avoid or tax Blockchain companies and cryptocurrency providers. Many see this as an innovation tax and one that will stifle innovation in the state.
These new bills by the state of Wyoming are expected to see an inflow of new companies and services to the state to further develop this new financial movement.
What are your thought of these bills being past in the Wyoming? Feel free to leave a comment down below.