The state of Wyoming passed a law on January 31, equating cryptocurrency to money. The relevant law will come into force on March 1, 2019.
The Digital Assets Act (SF0125) was introduced on January 18, and accepted for review on January 22. Its author is Senator Tara Nethercott, and eight other senators are named as co-authors.
In a published document, it is noted that for the legitimate use of cryptocurrency, it must comply with the 3 classifications listed below:
- Digital consumer assets;
- Digital securities;
- Virtual currencies.
The meaning of each category is described in detail in the official law document .
Any cryptoactive asset corresponding to these three categories is classified as “intangible personal property”. At the same time, cryptoactive assets are regulated by analogy with fiat money.
The bill also makes it easier for banking institutions to store virtual currencies in trust funds. On top of that, granting cryptographic property rights to owners excludes the need for an intermediary. However, the most important thing is that Coinbase , Fidelity, Bakkt and other companies will be able to work in Wyoming without incurring legal risks.
Banks can also perform the functions of qualified custodians of digital assets in accordance with the rules established by the US Securities and Exchange Commission (SEC).
Publication date 02.02.2019
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