US State Wyoming Passes Crypto Friendly Legislations

Wyoming Senate exempts cryoto mining business from property taxes

Wyoming is all set to become the first crypto investor-friendly state in the United States. The Senate of Wyoming has recently passed five bills which are meant to organize a standard legal framework with regards to the Blockchain technology and cryptocurrencies.

One such legislation (bill 111) has been approved by the Senate of Wyoming. This bill, in particular, is of much importance because it exempts cryptocurrencies from State’s property taxation. This law categorically states that “virtual currencies” are digital representations which can be used as a mode of exchange, capable of holding value but are not officially recognized as a legal tender by the US government.

The Senate of Wyoming has tactically passed these legislations in order to attract crypto related business ventures. The 2 bills that were passed previously made crypto exchanges exempt from Money Transmitter Act and made Utility Tokens exempt from Securities laws.

Luring Crypto Businesses to Wyoming

Speaking to CNBC, the State Representative Tyler Lindholm went on record stating that Wyoming welcomes Blockchain related tech companies and Crypto businesses. He also mentioned that bitcoin mining in Wyoming is exempt from property taxes, income tax, and corporate taxes. His statement is in line with the State’s policy to attract bitcoin miners to set up their businesses in Wyoming.

Lindholm also mentioned that Wyoming is an energy surplus state and is currently exporting most of the current production capacity. As per the statistics given by the US Energy Information Administration, Wyoming currently accounts for nearly 40% of the total coal produced in the US and also has the biggest uranium mining operation in the country. Apart from this, Wyoming is one of the top natural gas producers and has also forayed into increasing its wind power capacity.

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.