Legislators Of A US State Want To Attract Crypto Business

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There is a whole range of different approaches to cryptocurrency. Some states make it easier for their citizens to use the technology, while others do whatever they can to block the cryptocurrency business.

A US state of Wyoming proudly joins the former.

Tax exemption

The state of Wyoming had recently approved of cryptocurrency-friendly measures. The new law (Senate File SF111) defines “virtual currencies” as “any type of digital representation of value that:

(I) Is used as a medium of exchange, unit of account or store of value; and

(II) Is not recognized as legal tender by the United States government.”

And as such “shall be exempt from property taxation”

This is yet another cryptocurrency-related bill passed in Wyoming recently. Two other bills exempted tokens from securities laws and exempted cryptocurrency exchanges from the Money Transmitter Act.

A crypto-friendly state

The state of Wyoming works hard to promote itself as a welcoming destination for cryptocurrency businesses. If you mine Bitcoin there, there is no property tax, no income tax and no corporate tax. It also has plenty of surplus electricity with rapidly growing wind power capacity.

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