Currently, various governments intentionally limit the spread of crypto. However, a considerable number of other countries on the contrary tries to create maximum favourable conditions for implementation and development of innovative technologies. The legislators of Wyoming went the second way and has taken a number of initiatives that, in their opinion, will attract the blockchain projects in the country and region.
Unlike China and South Korea who are looking for ways to benefit from restrictions and taxes, the management of Wyoming is of the opinion that free distribution of digital assets will have a positive impact on economic development and prosperity of the country. The result of this policy was to bill No. 111, which exempts citizens of Wyoming from the tax for the possession of the cryptocurrency assets. It should be noted that cryptocurrency is still not recognized as legal tender by the government of the United States, and are classified as a commodity.
The abolition of taxation is only one of the five adopted by the Senate of the state of Wyoming draft laws that simplify the legal framework in relation to cryptocurrency and blockchain technology. Previously introduced a bill HB0070 will refuse to allow licensing of digital tokens issued in the blockchain platforms open source, as previously required by the securities act of the state. The same bill unregistered cryptocurrency exchanges as brokers.
The representative of the government of the state of Tyler Lindholm (Lindholm Tyler) told reporters CNBC that if you have cryptocurrency, now you don’t need to pay property tax, income tax and corporate tax. Wyoming is one of nine States where no income tax.
In addition, Wyoming will also be interesting to miners, as there is a lot of excess electricity. In addition, the state produces about 40% of all coal mined in the United States, there are large development of uranium deposits, Wyoming one of the ten largest gas producing States in the country. And all this despite the fact that Wyoming is the most sparsely populated state of America.