Wyoming moves towards US crypto hub status: new crypto bills passed

Posted 20 February, 2019

Wyoming authorities have reportedly approved some crypto bills as a part of their attempts to get the status of the leading crypto and blockchain hub for the companies.

Last week, the House of Representatives of the state approved Bill SF0125, under which it was stated that cryptos were found as property, which meant that banks got an opportunity to become digital assets custodians.

"Digital asset means a representation of economic, proprietary or access rights that are stored in a computer-readable format, and includes digital consumer assets, digital securities and virtual currency," the document reads.

Another ruling is waiting for the green light and signature by Wyoming Governor Mark Gordon. In case of the approval, the bill will become the law beginning from July 1.The new bill also enables banks to provide custodial services if they comply with all the required standards (accounting, internal control, etc.). 

"A bank may provide custodial services consistent with this section upon providing sixty (60) days written notice to the commissioner," according to the bill.

Along with the above-mentioned rules, the local authorities also reviewed two more bills aimed at regulation of the crypto segment last Friday. The bills were registered under HB0074 and HB0185 codes. These two bills are designed to solve the issue when the banks were not allowed servicing crypto startups and to enable issuing of securities as tokens respectively. 

The industry representatives believe that the recent developments are a great step forward. All the bills are awaiting signature by the Wyoming governor at the moment.

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20 February, 2019 16:44

← Chamber of Digital Commerce: US authorities should promote blockchain technology

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Chamber of Digital Commerce: US authorities should promote blockchain technology

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