Wyoming Welcomes the Blockchain Community with Open Arms

The Wyoming Blockchain Coalition recently won several pieces of legislation that will benefit both the community and the state of Wyoming. These acts were based on two characteristics of the state that make it especially attractive to blockchain technology: zero taxes on corporate property and strict laws that govern LLCs registered in the state.

Businesses do not have to move to Wyoming to enjoy these benefits. But there are still several good reasons why corporations might want to do this. Cheyenne, the state capital, has huge reserves of cheap energy that have already begun to attract large data centers. 

The coalition initiative was actively supported by the state government. Thus, Wyoming has a good foundation on which to build a regulatory framework that will attract the blockchain sector. 

New Bills

The blockchain community will likely be most pleased with the new bill, H.B 0070, which would exempt tokens issued on a public blockchain from securities laws as long as the token is not used as an investment asset or as a medium of exchange. This bill also exempts crypto exchangers and individuals engaged in cryptocurrency exchanges from being classified as broker/dealers in the State of Wyoming. Customers of crypto exchanges in Wyoming will be protected by consumer rights and anti-fraud laws. 

The Wyoming Blockchain Coalition also supports two other bills. The so-called “bitcoin bill,” H.B.0019, proposes to exempt cryptocurrencies from Wyoming money transmitter laws. 

The third, the “law on filing applications,” will allow registration certificates to be issued on the basis of the blockchain platform. A similar bill was already passed in the state of Delaware in July 2017. Such a law will help governments and entrepreneurs get rid of paperwork. 

Equity State

Wyoming led the national movement when it became the first to pass the Land Title Act in 1977. Now the state could once again be the first to offer the ability to register public companies on the blockchain. 

Large businessmen may want to register in Wyoming, because, as recent studies show, two-thirds of new companies in the United States are LLCs. In fact, LLCs are so common in Wyoming that there is one limited liability company for every two residents of the state... Wyoming could become the new home of blockchain technology if these bills pass. They will help both companies located or registered in the state and the Wyoming economy.