As an analyst with extensive experience in the tech industry and a strong interest in blockchain technology and digital assets, I am thrilled to see Oklahoma taking a proactive approach in creating a legal framework for these emerging technologies. Governor Kevin Stitt’s signing of House Bill 3594 is a significant step forward in recognizing the potential benefits and innovation that digital assets can bring to individuals and businesses within the state.
Oklahoma Governor Kevin Stitt recently approved a new law, which sets the groundwork for the implementation and regulation of blockchain technology and digital assets in the state.
Under the new law, the Oklahoma government is barred from placing limitations on the application of digital assets in legal transactions or personal storage. Furthermore, this legislation specifies that digital assets employed as a means of payment should not be subjected to any extra taxes or fees compared to other payment methods.
State Rep. Brian Hill proposed a bill in January, which permits residential areas to host home-based digital asset mining operations, adhering to local decibel regulations. Meanwhile, businesses engaged in digital asset mining within industrial zones can carry on without additional noise restrictions, aside from those previously established.
“On May 9, after the passing of House Bill 3594, I expressed my support for the legislation that sets the groundwork for safeguarding individuals’ digital assets. The act is slated to take effect on November 1, 2024.”
Additionally, the legislation regards miners as equivalent to data centers. It specifies that political subdivisions are prohibited from imposing unique regulations on digital asset mining operations that aren’t similarly imposed on data centers.
One significant aspect of the legislation is its shielding of individuals and businesses involved in cryptocurrency mining or running nodes from being held liable exclusively for transaction validation.
“Operating a node or series of nodes on a blockchain protocol shall not require an individual or business to obtain a money transmitter license under Section 1513 of Title 6 of the Oklahoma Statutes.”
Furthermore, the law specifies that obtaining a money transmitter license is not necessary for activities such as digital asset mining, managing nodes, or taking part in blockchain staking.
The new law includes a provision preventing disparate electricity pricing for crypto-mining operations, ensuring fair access to energy for this industry on par with other businesses.
In the USA, Oklahoma is leading the way in implementing crypto regulations among the states. Meanwhile, the federal Congress has been debating various proposals concerning cryptocurrencies and blockchain technology, such as bills that aim to establish a regulatory structure specifically for stablecoins.
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2024-05-15 22:50