A new bill that is meant to clarify the process of classification of cryptocurrencies is in the crypto news today, introduced in the US state of Wyoming on January 18th, as the official state legislature website first reported.
The bill will place crypto assets in three categories:
- digital consumer assets
- digital securities and
- virtual currencies
It will also define assets falling in any of these three categories as intangible personal property while granting cryptocurrencies the same treatment as fiat money. Aside from it, it authorises banks to “provide custodial services for digital assets consistent with this section upon providing sixty (60) days written notice to the commissioner.”
The legislation will also allow banks to serve as qualified custodians in accordance with the regulations put in place by the US Securities and Exchange Commission (SEC).
What’s interesting is the fact that the state of Wyoming recently saw a surge in blockchain and crypto related legislation entering its legal system. According to some recent reports, a bill allowing corporations to issue blockchain-based tokens that represent stocks was introduced a couple of days ago.
On a wider note, the state of Wyoming has passed two new house bills that aim to foster a new regulatory environment that is geared towards cryptocurrency and blockchain innovation.
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