New Wyoming laws favor miners and cryptocurrency banks – Bits Media

Wyoming passes legislation, contributing to the attraction of miners and cryptocurrency companies to their jurisdiction.

Wyoming has always been slightly different from the rest of the US. It was the first state, female suffrage, and his modern politics deeply libertarian. Иvенно в Вайоминге была зарегистрирована первая в США DAO.

In most states, any company, which processes cash payments (or cryptocurrency), must prove, that she has enough of her own, to recoup damages. New Wyoming Laws Exempt Cryptocurrency Transactions From Such Collateral Rules. At the legislative level, it is guaranteed, that cryptocurrency transactions and clients will be exempt from most state taxes, including sales tax and property tax.

Wyoming is trying to move beyond traditional industries, such as coal, oil and gas. The state has a charter for banks – specialized depository institutions, who deal with digital assets. The state has already approved four applications, including one for the cryptocurrency exchange - Kraken Bank.

The charter allows banks to be composed of two financial blocks. First, traditional aspect: customers can make deposits in cash. Second – block of digital assets, where customers buy, store or exchange cryptocurrencies, which can be traded on the Kraken exchange. They can also deposit the profit from operations with cryptocurrencies after converting them into US dollars..

Caitlin Long (Caitlin Long), CEO of digital asset bank Avanti, stated, that Wyoming's legal framework creates a favorable legal environment for the development of the crypto industry.

"The Wyoming Bill showed, that the industry is legal and operates in a recognized manner. ".

Wyoming, in addition to preferential taxation, provides cheap energy and fast internet connection, which is ideal for mining companies. Texas and Wyoming lead the race to attract cryptobanks and miners, who are forced to seek new jurisdiction after being banned from working in China.

Photo illustration Slate. Photo by georgiamartin / iStock / Getty Images Plus и criene / iStock / Getty Images Plus.