The State of Wyoming can equate cryptocurrencies to money
The State of Wyoming can equate cryptocurrencies to money

In the American State of Wyoming the bill which suggests to give to cryptocurrencies the same legal status, as well as to money was submitted. The bill will also provide an accurate classification of digital assets, especially for their storage.

The bill offered by senator Tara Neterkott and five other senators and deputies of the state under the name “Law on Digital Assets” calls for appropriate classification of virtual assets. The bill is also directed to creation of a legal basis for storage of digital assets in banks.

According to the bill, virtual assets are subdivided into three categories: securities, assets and currency. Authors of the bill consider that cryptocurrencies, including bitcoin, fall under category of currency that gives them the same legal status, as to money. If the bitcoin is classified as money, transactions in BTC can become interest-free according to Article 9 of the Uniform trade code of the USA (UCC). This classification also extends the property rights to owners of cryptocurrency, eliminating need for intermediaries for P2P-transactions.

As for storage, the bill is directed to creation of legal base for banks that they could work as the qualified custodians of digital assets. Proceeding from it, banks will offer the services in storage of digital assets similar to what they provide for usual securities.

Thus, the banks offering such services will do it according to the rules SEC. It means that they will be able to offer depository cryptocurrency services through the whole country that will become a step to the solution of one of the most burning issues to the industries of digital assets. Speaking with Forbes about advantages of the bill, senator Neterkott told:

“Now time to provide a way for a blockchain and cryptocurrencies came, and Wyoming has responsiveness to requirements of these industries as appropriate to react to growth of the industry”.

Besides the bill of digital assets, the legislature of the State of Wyoming also considers other laws connected with a blockchain. Recently it became known that staff can approve release of the tokenized certificates of actions on a blockchain. In December the state the blockchain companies, despite protests of banks adopted the bill of bank service. Besides, in March of last year the senate of Wyoming exempted cryptocurrency operations from the property tax.