Wyoming Offers Potentially Promising Legislation for Crypto-Enthusiast

This upcoming week, the Wyoming state senate will be voting upon several bills that would be supportive of block-chain tokens. If approved, Wyoming will be taking the leap into becoming the leading block-chain friendly state. The state is seeking to implement the new legislation as soon as July 2018.

House Bill 111 seeks to exempt block-chain tokens from state property taxes. This is the first bill of its kind. The 8 page bill is very concise and seeks to establish concrete definitions for "securities" and "broker-dealers" in relation to block-chain tokens.

The complete bill can be read here:
http://legisweb.state.wy.us/2018/Introduced/HB0070.pdf

This is an excerpt from bill 111:

"AN ACT relating to securities; providing that a person who develops, sells or facilitates the exchange of an open blockchain token is not subject to specified securities and money transmission laws; making conforming amendments; and providing for an effective date."

House Bill 70 is being referred to as the "utility token bill" and it seeks to specifically define the differences between "utility ICO" and a "security ICO." While House Bill 19 is being considered the "Bitcoin Bill" and it seeks to specifically exempts crypto-currency from the Wyoming Money Transmitter Act.

Wyoming offers some of the most superior laws in the US regarding LLC's and boasts minimal fees for start up businesses. The state also offers no corporate tax for local businesses as well as no personal income tax to residents. Wyoming may also provide several other block-chain friendly opportunities with its low energy costs and high speed fiber internet options.