The status that cryptocurrencies hold in different states or communities has been rather confusing and unclear. There have been plenty of discourses by several governments, but they are not exactly quite sure how to classify the new currency. You can’t exactly classify them as money? Or can you? Well this state in the U.S just clarified the whole debacle by classifying cryptocurrencies as money.
The state of Wyoming just passed a bill on the 18th of Jan, specifically for clarifying the classification of cryptocurrencies. According to the official legislature website, the bill has classified crypto assets into three sub categories, digital consumer assets, digital securities and virtual currencies.
According to the bill, any asset that falls into any of the above-mentioned categories classifies as intangible personal property, thus it grants cryptocurrencies the same status and authenticity as its fiat counterpart.
Furthermore, the projected bill will also authorize banks to “provide custodial services for digital assets consistent with this section upon providing sixty (60) days written notice to the commissioner.”
Moreover, under the drafted legislation, banks will play the part of qualified custodians, however they have to do so in accordance with certain regulations that have been placed by the U.S. Securities and Exchanges Commission (SEC).
Wyoming is one the states in the U.S that has been making the quite a few headlines when it comes to legislations related to blockchain and cryptocurrencies. It is evident that both the new trends, if you will, are seeping in the state’s legal system.
Just a few days back, Wyoming introduced a bill that allowed corporations to issue blockchian-based tokens, which represent stocks, to the public. In addition to that, a recent news broke that the state passed two new house bills, for the purpose of fostering a regulatory environment that will be productive for cryptocurrency and blockchain innovation.
