As we enter in 2019, new regulations are starting to take shape around the world. Bitcoin could soon be given a similar status as money. Wyoming introduced cryptocurrency legislation in the House that aims to bring legal clarity to the crypto space. The information was released a few days ago by Forbes.
Wyoming Moving Forward with Crypto Regulation
This new bill presented offers three different classifications for cryptocurrencies: digital securities, digital assets and virtual currencies. The last one gives cryptocurrencies the same treatment as money in Wyoming.
This would allow digital assets in the market to operate according to the laws of the state. This is also very important for cryptocurrency regulations in the United States. The state could also authorize banks to opt into an enhances supervision regime specifically designed for crypto custody. The intention is to allow them to meet the requirements imposed by the U.S. Securities and Exchange Commission (SEC).
Regulatory agencies all over the world are trying to improve the crypto market by creating legal frameworks around them. During the last years, digital assets operated in a very unregulated market. Now, firms are searching to be compliant with all the necessary regulations before starting their operations.
Caitlin Long, the co-founder of the Wyoming Blockchain Coalition, explained:
“Wyoming spotted an opportunity to lead in the field last year and realized it had just as many advantages in competing for this nascent industry as any other place and more so. Blockchain is software, so it’s global. A line of code doesn’t care who wrote it or where it was written. As Joe Lubin said when he spoke at WyoHackathon last fall, there’s no reason why the next Google can’t be there in Wyoming.”
With this bill, digital assets would have the same legal status as money under commercial law. This classification could be beneficial for coin lending businesses. Bitcoin could also have legal status without having to involve an intermediary. Thus, the law reflects the peer-to-peer nature of virtual currencies without working with an intermediary.
This bill can also show other states how blockchain technology and cryptocurrencies can have a positive impact. At the same time, the new legislation would have a financial impact on the State and increase its image in terms of legislation and innovative ideas.
There are other countries all over the world that are trying to create clear legal frameworks around virtual currencies. Switzerland and Malta are just some of these examples.