Regulation

Wyoming Senate passes bill recognizing cryptocurrency as money

February 2, 2019, 11:51PM EDT

On February 2, Wyoming senators passed a bill which clarifies the classification of crypto assets. This bill places cryptoassets into three categories: (1) digital consumer assets, (2) digital securities, and (3) virtual currencies.

According to the bill, which was introduced in January 2019, digital consumer assets will be considered general intangibles, digital securities will be considered securities and investment properties, and virtual currencies will be considered money.

The bill also establishes a framework for banks to provide custodial services for crypto assets. Banks opt-in to provide crypto custody solutions must provide "sixty (60) days written notice to the commissioner."

The bill now heads to the Wyoming House of Representatives for debate. The website for the State of Wyoming’s legislature states that the bill would go into effect on March 1, 2019.