The U.S. State of Wyoming is quickly becoming the hotbed for cryptocurrency regulation in the country, with lawmakers now proposing two more bills for legislation, this time focused on legitimizing cryptocurrencies as an asset class.
The bill, SF0125, recognizes “property rights in the direct ownership of digital assets.”
This new development joins the ratification of two laws passed only a few weeks ago. One law officially deemed cryptocurrencies as money.
Shortly after, state authorities went a little further and recognized crypto as property.
New Hampshire has proposed that Bitcoin be considered for state tax payments, while Colorado senators have introduced a “Digital Token Act” to exempt virtual assets from securities laws.
Who Exactly Will Benefit From These Laws?
The two new bills will be passed on to Wyoming Governor Mark Gordon, and could become official by as early as next week.
The key point about this bill is the fact that it addresses property law, which states are allowed to determine.
The target audience of this new bill will primarily be individual as well as institutional investors.
Now that digital assets are deemed as property, these entities can directly hold digital assets and not indirectly through an intermediary.
All of these regulations that Wyoming is forming sets an example for other states to follow.
Banks can operate with cryptocurrency more easily, while investors have less to be worried about when it comes to the legitimacy of crypto.