CARSON CITY—Nevada has passed regulatory sandbox legislation aimed at continuing blockchain investment and entrepreneurism in the state. Governor Steve Sisolak signed the “blockchain bills” this month.
CoinDesk reported the legislation is part of a number of bills passed in the state that support the continued growth of financial technology and blockchain, including:
- SB161 – Creates a regulatory sandbox for emerging technologies companies through a program in the Department of Business and Industry
- SB162 – Creates a definition for “public blockchain” within Nevada Revised Statutes and requires government agencies to accept electronically certified documents, including those on a blockchain
- SB163 – Authorizes businesses to store and maintain corporate records on a blockchain
- SB164 – Defines virtual currencies as intangible personal property and therefore exempts them from personal property taxation
“The state’s attitudes to the emerging technology were truly cut in 2017, after the successful passage of SB398 attracted significant blockchain investment to the state. The most recent deregulatory legislation was lobbied for and supported by the Nevada Technology Association (NVTA), which worked with industry representatives to expand technology education, innovation, and investment to further diversify the state’s economy and promote high-quality jobs,” CoinDesk reported.