Switzerland has ZUG, the US has………………WYOMING? Well why not? The newly created Wyoming Blockchain Coalition has drafted a package of legislation that would bring some really significant benefits to the blockchain community. Like? Zero corporate income/franchise taxes AND very strict privacy laws that govern LLCs formed in the state. Just like Delaware companies need not physically move to Wyoming but, BUT, why not consider it. It is a gorgeous state with wide open spaces, mountains, etc AND…..listen up bitcoin miners……..lots of cheap power. Read all about how things should be drafted in the new “crypto/blockchain world”, and move over ZUG. Here comes Wyoming.
“Wyoming is stepping up to welcome the blockchain community with open arms.
A grassroots group, the Wyoming Blockchain Coalition, has garnered significant momentum to pass a package of legislation that would bring significant benefits to both the blockchain community and the State of Wyoming.
The package of blockchain bills, which will be introduced during the upcoming session in February, will build on two characteristics of Wyoming that make it particularly attractive to the blockchain industry: zero corporate income or franchise taxes, and strict privacy laws governing LLCs formed in the state.
Companies don’t need to move to Wyoming physically to take advantage, just as most Delaware corporations aren’t located in Delaware. But but there are real reasons why businesses might want to move there. Cheyenne, the state capital, has tremendous fiber-optic bandwidth and cheap power that is already attracting major data centers to locate there, for example.
And our initiative has active support by officials at the state’s only university. So Wyoming has “good bones” upon which to build a regulatory framework to attract the blockchain sector.
The blockchain community is likely to be most excited by one of the bills just introduced, H.B.0070, which would exempt tokens issued on an open blockchain from Wyoming’s money transmitter and securities laws, as long as the token has not been marketed as an investment and is exchangeable for goods or services. This bill would also exempt token exchanges (or people exchanging tokens) from being deemed broker/dealers under Wyoming law. The bill has garnered senior co-sponsors, including the Speaker of the House…”