We were reporting a while ago that Wyoming could mark the beginning of a new era for crypto, setting a precedent which would change the way in which digital assets are seen.
The Digital Assets bill passed
Now, the lawmakers in the state have managed to reach a new milestone, passing the Digital Assets bill.
This has been introduced as a bill to support the recognition of cryptos as personal property, and now the legislation defines crypto as digital consumer assets, digital securities, and virtual currencies.
The bill passed the Wyoming Senate, and it moves to the House.
If it becomes law, cryptos such as Bitcoin, XRP and more will become subject to the same laws as money.
Giving legacy banks relevance
Amidst massive efforts to give legacy banks importance, the bill also opens the door for banks to be able to provide custody services for cryptos:
“AN ACT relating to property; classifying digital assets within existing laws; specifying that digital assets are property within the Uniform Commercial Code; authorizing security interests in digital assets; establishing an opt-in framework for banks to provide custodial services for digital asset property as directed custodians; specifying standards and procedures for custodial services under this act; clarifying the jurisdiction of Wyoming courts relating to digital assets; specifying applicability; authorizing the promulgation of rules; and providing for an effective date.”
@CaitlinLong_ and the @WyoBlockchain are urging an inevitable regulatory environment be light touch when it comes to crypto. It's a model for the broader US, almost its own state sandbox; if successful, it could influence other legislative bodies to follow. Heady stuff. #bitcoin pic.twitter.com/MDasve92lJ
— CoinSpice (@CoinSpice) February 2, 2019
Banks will have to provide custodial services for cryptos within 60 days of going into effect – March 1.
Despite the fall of the crypto market, Bitcoin has been leaning more and more towards adoption and legitimization.
The Wyoming bill is a substantial shift and a stepping stone for the whole industry.
Back in January, Wyoming lawmakers introduced a brand new bill that would allow corporations to issue certificate tokens instead of traditional stock certificates.
The state has advanced eight bills designed to support crypto users, adoption and innovations with a clearer regulatory framework.
