Wyoming Lawmakers Sign Off on Two Crypto-Friendly Bills
Wyoming legislators have approved two crypto-related bills in an effort to foster the development of the industry in the state.
Wyoming has moved forward to create a supportive regulatory environment for blockchain and cryptocurrency businesses in the US state. Local legislators have approved two new industry-friendly bills, Wyoming Blockchain Coalition president Caitlin Long first revealed via Twitter last week.
The two pieces of legislation are the House Bill 57 and House Bill 62. According to the Wyoming government official website, the first one is titled “Financial Technology Sandbox” and deals with providing a supervised and flexible testing environment for blockchain startups. Passed with a 9-0 vote, it also looks toward waiving off certain rules and regulations which may hinder innovation in the sector.
“The state of Wyoming currently offers one of the best business environments in the United States for blockchain and financial technology innovators and should offer a regulatory sandbox for these innovators to develop the next generation of financial technology products and services in Wyoming,” the bill states.
Titled “Wyoming Utility Token Act-Property Amendments Bill,” House Bill 62 was passed with a majority of 8-1. It stipulates that all blockchain tokens are an “intangible personal property” and do not need to be exempted from federal securities laws. The legislation further clarifies:
“The open blockchain tokens governed by this act do not constitute securities because a person who is sold a consumptive open blockchain token cannot receive a cash payment or share of profits from a developer or business but will instead receive a fixed amount of consumable services, content or property.”
These two bills follow House Bill 70, which was passed last year to ease securities and money transmission regulations for certain tokens offered via an initial coin offering (ICO) in Wyoming. The state approved several other blockchain- and cryptocurrency-related bills in 2018. Notably, one of them exempts digital currencies from state money transmission laws, meaning that it is not subject to property taxation.