The state of Wyoming has currently reached a major milestone a few days ago. A new bill introduced by lawmakers in the state clarifies how they consider cryptocurrencies. According to the Daily Hodl, the new bill supports the recognition of cryptocurrencies as personal property, among other things.
Wyoming Senate Introduces New Bill
Cryptocurrency regulations are growing all around the world. This time, Wyoming is trying to create a better regulatory framework for cryptocurrencies. If the bill becomes law cryptocurrencies will be treated in the same way as money. Bitcoin (BTC) and many other virtual currencies will be subject to the same laws as money.
The intention is to shift payments away from fiat currencies to a cashless society. At the same time, banks will also be able to provide services for digital assets.
The bill reads as follows:
“An Act relating to property; classifying digital assets within existing laws; specifying that digital assets are property within the Uniform Commercial Code; authorizing 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, has been following this issue. On Twitter, she celebrated that the bill passed the house 57 to 1.
8 FOR 8 in #Wyoming! The stock certificate token bill just passed the House 57-1, so all 8 bills are thru originating chamber & ready to cross to other chamber next week. Still a ways to go before they become law but we have nice momentum! Thx @JaredSOlsen! @lex_node @ConsenSys pic.twitter.com/b5iPp1hp2S
— Caitlin Long 🔑 (@CaitlinLong_) February 1, 2019
Just last month, lawmakers in the state presented a new bill to allow firms to issue certificate tokens rather than just simple stock certificates. Several bills have been designed and presented in the state to support the growth of the digital currency market. This shows that the state is interested in promoting the growth of virtual currencies and attract new companies and firms.
There are several jurisdictions around the world that are taking similar measures as Wyoming. Malta, for example, transformed itself into the blockchain island. Several companies have already moved to the island and settled their operations there. The cryptocurrency exchange Binance and BitBay have already installed their offices there.
In the future, new regulations could be adopted by different countries and jurisdictions. In the United States, other states could start to follow the path started by Wyoming. As the landscape becomes more competitive, other states could analyse the implementation of similar rules and legal framework.