CHEYENNE, Wyo.—Wyoming has become the first state to recognize cryptocurrencies as legal property and subject them to some of the rules governing fiat money.
As CUToday.info recently reported here, Wyoming has been leading the way in legislation around blockchain and cryptocurrencies.
The latest bill, titled “Digital Assets,” was passed by local lawmakers in a 28-1 vote, Cryptovest reported.
The bill formally classifies cryptocurrencies into three categories: digital consumer assets, digital securities, and virtual currencies. Any digital asset that falls into one of these categories will be deemed “intangible personal property,” making it subject to the same regulations and attributes of fiat money. The bill also authorizes banks to supervise and hold cryptocurrencies in custody in trust funds, Cryptovest explained.
“AN ACT relating to property; classifying digital assets within existing laws; specifying that digital assets are property within the Uniform Commercial Code; authorizing security interests in digital assets; establishing an opt-in framework for banks to provide custodial services for digital asset property as directed custodians; specifying standards and procedures for custodial services under this act; clarifying the jurisdiction of Wyoming courts relating to digital assets; specifying applicability; authorizing the promulgation of rules; and providing for an effective date,” the bill reads.
The next stop for the proposed legislation is the Wyoming House of Representatives, where it will be further debated. If enacted into law, it will take effect on March 1.