Wyoming Flag

Wyoming Senate Bill Proposes to Exempt Cryptocurrencies from Taxes

Cryptocurrencies have been trying to evade regulations proposed by governments all over the world. But there are some countries and states that are promoting cryptocurrencies by exempting them from taxes. In Wyoming, a proposal known as Senate Bill 111 tries to liberate cryptocurrencies from paying taxes.

Senate Bill 111 – No Crypto Tax

As cryptocurrency investors spread and virtual currencies expand, governments are searching different ways in order to profit from them too. The intention is to ‘regulate’ the market by imposing taxes on them or unnecessary restrictions to operate as an investor.

But there are some states that believe that the future may be much better by allowing cryptocurrencies to freely expand. That is what Wyoming is trying to do. The Senate Bill 111, proposed by six senators and representatives, aims to remove any tax penalties for holding cryptocurrencies.

Wyoming Flag
Wyoming Flag

This regulation would allow more individuals and enterprises to invest in Wyoming, creating more jobs and boosting growth. Even though, virtual currencies are not considered a legal currency in the United States and many other countries, no one prevents individuals and enterprises to use them.

The Senate Bill 111 may work as a global precedent if it passes. It would require a lot of support in order to be materialized anytime soon. Wyoming is known to be an opposed state to the Federal Reserve, something that may be of importance in order for this law to pass.

Friendly Crypto Countries

At the moment, there are several countries that are promoting investments in cryptocurrencies and low taxes on them. That’s an example of what Belarus is doing. This European country has a tax free zone that has been created only for blockchain and cryptocurrency investments This has been promoting the country abroad as one of the friendliest countries towards cryptocurrencies. Additionally, the country considers virtual currencies as legal tender.

Switzerland has also communicated its intention to become a “crypto-nation.”  By regulating the criminal activities around cryptocurrencies and creating a friendly framework for crypto-investments, the country is attracting enterprises and investments. Furthermore, Bitmain has explained that it has been working with the Swiss government in order to settle part of its mining operations in the country.