Wyoming Passes New Friendly Regulations for Crypto Assets

<br /><br /> <br /><br /> The Wyoming state government has been expanding its status as a hub for crypto and blockchain by passing several new bills this February.According to Wyoming-based blockchain advocate Caitlin Long, the state of Wyoming has recently passed resolution SF0125 on February 14, 2019, claiming that Wyoming “law recognizes property rights in the direct ownership of assets.â€� The bill plainly states “that assets are property within the Uniform Commercial Codeâ€� and goes on to elaborate some of its ramifications.Long gave a succinct rundown of the bill’s most salient points, stating that “In words, you’re not forced to own through an intermediary. Blockchain tech enables direct ownership of assets, and the law does too.â€� Since property law in the United States is in the hands of state jurisdiction, this new step is not only safe from the federal government but also can serve as a model for other states.“It makes perfect sense that Wyoming is the epicenter of blockchain law in the US,â€� said Long, a Wyoming native. “That’s also why institutional investors, which are prohibited by federal law from directly owning the assets they manage, can rest assured that Wyoming’s asset custodians are actually solvent.â€�This is not the only accomplishment made by pro-crypto voices in Wyoming, however. On February 2, 2019, the Wyoming State Senate also passed a bill updating the classification of crypto assets, including a clause to formally label them as currencies.According to the text of the bill, crypto assets can be considered to have three different statuses for purposes: consumer assets, securities and virtual currencies. All three of these definitions are specifically registered as property rather than private property, formally upholding a stance that other jurisdictions overseas and abroad have taken.More significantly, however, the bill also further elaborates on the specific terms and conditions for each of these three statuses. In addition to the respective classifications of “general intangiblesâ€� and securities, the bill also states that “virtual currency is intangible property and shall be considered money.â€�In redefining the legal status of crypto in this way, it formally opens up the possibility for ordinary citizens to treat crypto as an actual currency on a daily basis. This, in turn, could provide the impetus for a more comprehensive tax code or new business use cases.Wyoming has been cultivating a reputation as a crypto haven in the United States, in a bid to angle itself as the blockchain hub of the nation. In addition to enabling blockchain certificates with bipartisan support in January 2019, Wyoming has also helped make banking laws more friendly for blockchain companies last December. Many Wyoming legislators are evidently, at the very least, sympathetic to making blockchain a new Wyoming industry and further friendliness can be expected in the future.<br /><br /> <br /><br /> This article originally appeared on Bitcoin Magazine.
Source: worldnewsoffice
Wyoming Passes New Friendly Regulations for Crypto Assets

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