Blockchain

Wyoming passes three bills which could boost the local crypto industry

February 20, 2019, 6:00PM EDT

Wyoming has just become a much friendlier place for blockchain and cryptocurrency-related endeavours, CoinDesk writes. The state has passed three new bills which could make the lives of crypto businesses a little easier.

Bill SF0125, which now awaits Governor Mark Gordon's signature, will effectively enable banks to act as crypto custodians. The bill redefines digital assets, recognising them as property and including cryptocurrency as one of the forms accepted within the definition.

The second bill, HB0074, establishes special depository institutions designed to aid institutions that lack access to traditional banks due to a lack of FDIC insurance.

“There was a crackdown in the fall of 2017, and a number of banks went through and did a big compliance review that closed every account that was connected to digital assets at all,” said Caitlin Long of the Wyoming Blockchain Coalition. “This [bill] is designed to be an industry utility. It’s designed to serve a very important need that hasn’t been served by the mainstream banking industry.”

Finally, HB0185, which the Wyoming House of Representatives just passed, allows for securities to be issued via blockchain tokens. Previously stock certificates had to be represented in a paper form throughout the state.