Wyoming Lawmakers Pass Bill Recognizing Cryptos as Legal Property
The US state of Wyoming has defined digital assets as “intangible personal property” subject to the same regulations and attributes of fiat money.
Wyoming has become the first US state to recognize cryptocurrencies as legal property and subject them to some of the rules governing fiat money. A bill titled “Digital Assets” was passed by local lawmakers in a 28-1 vote last Thursday.
According to the state legislature website, the document formally classifies cryptocurrencies into three categories: digital consumer assets, digital securities, and virtual currencies. Any digital asset that falls into one of these categories will be deemed “intangible personal property,” making it subject to the same regulations and attributes of fiat money. The bill also authorizes banks to supervise and hold cryptocurrencies in custody in trust funds.
“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 asset property as directed custodians; specifying standards and procedures for custodial services under this act; clarifying the jurisdiction of Wyoming courts relating to digital assets; specifying applicability; authorizing the promulgation of rules; and providing for an effective date,” the legislative text reads.
The next stop for the proposed piece of legislation is the Wyoming House of Representatives, where it will be further debated. If enacted into law, it will take effect on March 1.
“Digital Assets” was presented on January 18 along with another bill that would allow the issuance of tokenized stock certificates via blockchain technology.
Wyoming has been pushing ahead with efforts to become the US hub for blockchain tech and cryptocurrency. The state has so far advanced eight bills designed to support the crypto industry with a clear regulatory framework.