news

bitcoin

1 X bitcoin bitcoin =

Thursday

16 September 2021

How Wyoming Became a Crypto Hub

How Wyoming Became a Crypto Hub


smart summary beta

About 24 crypto-related laws have been passed in the last few years, resulting in Wyoming becoming the most crypto-friendly state in the U.S.Following Wyoming’s lead, other states like Texas, Nevada, North Dakota, Illinois, and Montana have begun passing crypto-friendly bills.

Wyoming has also waived crypto-related taxes at the state level.While the state recognizes cryptocurrencies as property, The “Crypto Property Tax Exemption Bill” (SF111) passed in 2018 exempted the asset class from property taxes.

However, crypto activities in the state are subject to separate federal taxes.In 2019, another critical legislation called Wyoming Utility Token Act (HB 62) was passed.

Wyoming, however, introduced a new banking charter for the industry to change how crypto banking is carried out. In 2019, the state passed a bill called HB0074 giving birth to crypto banks known as special-purpose depository institutions (SDPIs).

Wyoming’s crypto-friendly legislation has made the state an attractive destination for U.S.-based cryptocurrency firms. Meanwhile, individual owners of crypto assets can gain the protection of Wyoming’s laws by moving to Wyoming or physically locating their cold storage assets somewhere in the state, or setting up their own Wyoming LLC, corporation, foundation, or other business entity

As crypto starts to see wider adoption across the world, Wyoming has a good shot at becoming one of the leading areas for the technology to flourish.

Goto Full Article

bitcoin bitcoin price

$47621.00

24h

Live Average

bitcoin

News Article Sentiment

positive

Score (0.1)

Article Metadata

author

site

cryptobriefing.com

categories

Market data feeds provided by cryptocompare.com
bitsmart 2021