CHEYENNE, Wyo.—Two new blockchain bills have been passed in the State of Wyoming.
House Bill 185, related to tokenization, was introduced back in January. This allowed storing certificate tokens that represent stocks using blockchain technology. It is also possible to use other databases as well that would allow them to be digitally transferred. The bill will become effective as soon as July 1, 2019, UseTheBitcoin.com reported.
House Bill 74, also introduced in January, passed. Caitlin Long, president of the Wyoming Blockchain Coalition, said the legislation allows for the creation of special purpose depository institutions to serve businesses. In general, companies related to blockchain technology and virtual currencies are unable to secure FDIC-insured banking services, UseTheBitcoin.com explained.
“[The bill] provides that a special purpose depository institution would be prohibited from making loans, would be required to maintain 100% of its deposits in reserve, would provide services only to businesses, and must comply with all applicable federal laws,” Long said.