In case you haven’t heard and kept up, the State of Wyoming is becoming a leader in tokenization, blockchain compliance and, AND, actually making it easier to do business using blockchain. Having noted over the past several months the introduction and legislative progress of several business-friendly regulatory bills, it is really exciting to report those bill have passed the Wyoming legislature. Remember, Wyoming allows for cryptocurrencies to be recognized as money (which has several BIG ramifications) and is well in front of any other state to encourage business innovation. As America’s least populous state (more antelopes than people) things can certainly get done quickly, efficiently and in a beautiful setting. Dig deeper below.
(Bill Taylor/ Fintek Capital)
“Two blockchain-related bills — on tokenization and issues with compliance — have been passed in the United States state of Wyoming on Feb. 19, according to the official website of the state legislature.
As Cointelegraph reported, the bill on tokenization, House Bill 185, was introduced on Jan. 16. The bill lays the groundwork for storing so-called certificate tokens representing stocks on a blockchain “or other secure, auditable database,” and permits the digital transfer of them. The bill is sponsored by Representatives Olsen, Brown, Hunt, Lindholm, Western and Zwonitzer and Senators Driskill and Rothfuss and is set to become effective on July 1 of this year.
The blockchain compliance-related bill, House Bill 74, was introduced on Jan. 8. The president of the Wyoming Blockchain Coalition, Caitlin Long, explained in a post on her website that the legislation will “create special purpose depository institutions to serve businesses.” The bill contains findings that blockchain businesses are often unable to secure FDIC-insured banking services because of their actual or suspected dealings with cryptocurrency…”