Wyoming is starting to look like a savior for the crypto world. Until now, IRS has tightened its grip on cryptocurrency holders, warning them to pay taxes on their virtual currency gains and transactions. But Wyoming has decided to side with blockchain on this debate and provide crypto users with a golden opportunity to grow and succeed.
Wyoming had the interest of people long before blockchain came into the spotlight. With no tax on personal income, corporate income or intangible assets such as stocks, bonds and bank accounts, it has attracted many startups and businesses. Now Wyoming seems to have fixated on one point: to adopt this new crypto world.
The Wyoming House Bill 70 (HB0070) passed the third reading by all 60 house members on February 19. The bill states:
"AN ACT relating to securities; providing that a person who develops, sells or facilitates the exchange of an open blockchain token is not subject to specified securities and money transmission laws; making conforming amendments and providing for an effective date."
Wyoming has a few other pending bills which are related to blockchain and cryptocurrency including Wyoming House Bill 19 (HB0019) and Wyoming Senate Bill 111 (SF0111).
More details: Wyoming Is On A Roll: New Bill Exempts Tokens From Securities Law