Texas passed legislation to create a legal framework for cryptocurrency investments – Bits Media

The Governor of Texas signed the law, outsideamendments and adaptive commercial law, taking into account the blockchain and digital assets, as well as a definition of virtual currencies.

At the end of last week, Governor Texas Greg Ebbott (Greg Abbott) signed a law on the creation of a legal basis for cryptocurrencies and blockchain. According to the plan of legislators and state authorities, The law must attract technological companies to Texas, working in the industry.

The new law makes amendments to the Unified Commercial Code of the state and adapts commercial law for blockchain and digital assets, It also contains a formal definition of virtual currencies and a regulatory framework for individuals and legal entities for investment in cryptocurrency.

“Blockchain is a rapidly developing industry, whose work should be involved in Texas. I have just signed a law on the creation of a master plan to expand the blockchain industry in Texas ", - said the state governor on Twitter.

According to the Base of Legislative Acts of the United States, 25 States are now considering measures, associated with blockchain and/or digital assets, at their legislative sessions 2021 years.

In April, Vaiming recognized decentralized autonomous organizations (DAO) new type of limited liability companies. The law will enter into force with 1 july 2021 of the year. Besides, In May it became known, that the state of Nebraska may allow banks to provide cryptocurrency storage services.