Wyoming Ready to Approve Cryptocurrencies as Personal Property

Wyoming Ready to Approve Cryptocurrencies as Personal Property

The great US state of Wyoming is ready to approve cryptocurrencies as personal property after the State Senate approved the “Digital Assets” bill, according to the Website of the Wyoming State Legislature.

The Digital assets-existing law, sponsored by state Senators Nethercott, Driskill, Perkins and Rothfuss and state Representatives Harshman, Lindholm, Loucks, Olsen and Wilson, in an effort to classify digital assets like property and to regulate its uses.

“An act relating to property; classifying digital assets within existing laws; specifying that digital assets are property within the Uniform Commercial Code; authorizing security interests in digital assets; establishing an opt-in framework for banks to provide custodial services for digital asset property as directed custodians; specifying standards and procedures for custodial services under this act; clarifying the jurisdiction of Wyoming courts relating to digital assets; specifying applicability; authorizing the promulgation of rules; and providing for an effective date,” says the current version of the bill.

The bill passed the Wyoming Senate for an overwhelming majority of 28 votes against 1, with one senator absent. The bill is now waiting for its debate in the State House of Representatives.

In this framework, the law would provide legal rights to crypto assets as digital consumer assets, digital securities and virtual currencies to be used to sell and buy goods. Long story short, cryptocurrencies will become as legal as the dollar or the Euro for Wyomingites, the people who live in the state.

Wyoming lawmakers introduced a new bill last month, in the House that would authorize corporations to issue certificate tokens with the same legal value or traditional stock shares.

The House Bill HB0185 says that “the articles of incorporation or bylaws of a corporation may specify that all or a portion of the shares of the corporation may be represented by share certificates in the form of certificate tokens.”

If passed, the bill would take place on July 1, 2019.

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