The US state of Wyoming recognizes crypto-currencies as money
Home News the US state of Wyoming recognizes crypto-currencies as money
Marcus Misiak –
The Senate of the U.S. state of Wyoming has passed a law that crypto currencies are defined as property and rules enable banks, crypto-custody services. For secured transactions, the law crypto-currency recognizes as money, which shall be subject to the same rules as money in the U.S. state of Wyoming.
The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are the two U.S. Federal agencies, which act as the primary regulatory authorities for crypto-currencies in the United States. Although both agencies are working to design guidelines for crypto-currencies and to enforce the rules, the efforts were rather slow. Maybe that’s why the U.S. state of Wyoming measures in the development at the Federal level.
Already in 2018 and Wyoming has adopted five laws on the development of the crypto currency and Blockchain technology. In March 2018 and Wyoming has ensured, in particular, by an act for attention, in the first state of the world crypto-currencies as a completely new facility has defined class.
The “Utility Token the law” was designed to be certain crypto to exclude the currencies of the laws of the state of money transfer, and was the first of its kind that defined the way that certain types of crypto-tokens from the regulatory authorities to be dealt with, by law. The law excludes “the developer or seller” of the Token of the securities laws, subject to the Proviso that they meet certain conditions. To meet these requirements, may not be offered to the Token as an investment and must be a medium of exchange.
New law: crypto money are currencies
A new law, the defined crypto-currencies as property, passed the Wyoming Senate last Thursday. The law classified as “digital assets, including crypto-currency as legal property,” reported the Wyoming Tribune Eagle. In addition, “would be crypto-currencies, subject to the extension of existing laws to the same rules as money,” says the publication.
The Senate of Wyonming stipulates in the law that the property rights for owners of crypto-currencies and other “virtual assets” in accordance with commercial law (UCC). In the process, digital assets are currencies, classified values into three categories: digital consumer goods, digital securities and Crypto.
Crypto-currencies are defined in the act as a digital asset “is used as a medium of exchange, unit of account or store of value means; and…. not as a legal tender by the government of the United States“ is recognized. The draft law refers to article 9 of the Wyoming statutes, the UCC (title 34.1), which lists the rules for “secure transactions”.
Relief for crypto-Custody services
The bill also approves a “rights to protection of digital assets,” creating “an Opt-in framework for banks, in order for custody to provide services for digital assets as agent for the Depositary,” and to “establish Standards and procedures for custody services under this act”. In addition, the law States the draft that “the courts of Wyoming have the jurisdiction to decide on claims, both in Law and in equity, in connection with digital assets”.
In the law it States that a “Bank vault can provide services for digital assets in accordance with this section, if it notifies the Customer sixty days prior written notice”.
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