JEFFERSON CITY, Mo.—Missourians using digital or virtual currencies would be protected from some taxation under a bill introduced in the state legislature.
House Bill 2672, sponsored by Rep. Phil Christofanelli (R-St. Peters) exempts cryptocurrencies from property tax and securities regulation. The bill defines digital assets in Missouri’s Uniform Commercial Code. It would exempt the sale or use of cryptocurrency from money transmitter licensing requirements.
“My goal is to ensure Missouri is open to innovation and opportunity as Bitcoin, other cryptocurrencies, and blockchain applications come into the market,” Christofanelli said in a statement. “This industry has great potential to enhance Missouri’s push to create greater economic and political freedom and I hope to advance this legislation and further proposals over the next few years.”
The bill adds virtual currencies to several items currently exempt from state, county or local purposes in Missouri law. Those items include government-owned property, non-profit cemeteries, real and personal property used for religious worship, schools and colleges, and charitable organizations, The Center Square explained.
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