Cryptocurrencies have gained official recognition in Texas following the passage of two bills aimed atdevelopment of the cryptocurrency and blockchain industry.
Both bills, numbered H.B. 4474 and H.B.1576 officially went into effect on September 1 after being passed by both houses of the state legislature in May. The documents were signed by Governor Greg Abbott in June.
Bill 4474, introduced by Congressman Tan Parker in March, aims to define cryptocurrencies in the state's Unified Commercial Code.
According to the President of the Texas Council onto Lee Bratcher's blockchains, bill 4474 defines the security interest for bitcoin and other cryptocurrencies and allows institutional investors to participate in large investments in digital assets.
Bill 1576 establishes a blockchain working group in Texas to enact commercial law regarding blockchain innovation and digital asset regulation.
Now that the bills have entered into force, inthe state has legal clarity for the definition of cryptocurrencies. The laws will provide a set of guidelines for Texas companies looking to enter the cryptocurrency business.
Texas banks have already received approval from the Texas Department of Banking to provide storage services for virtual currencies.
Texas's crypto-friendly approach comes as no surprise as Governor Abbott is a cryptocurrency proponent. It is believed that he stimulated the work of mining companies in Texas.
Because of China's suppression of crypto mining, Texas has becomehome to cryptocurrency mining companies like BlockCap and Riot Blockchain. Both companies plan to expand their mining capacity in the state through the purchase of new equipment.
Texas became another US state after Wyoming and Nebraska to recognize blockchain and cryptocurrency.
Wyoming became the first state to be friendlycryptocurrency by adopting the Law on Digital Assets on February 26, 2019, which entered into force on July 1, 2019. Since then, Wyoming has attracted various large firms, including Ripple.
Last September, the Wyoming Banking Council approved Kraken as the first crypto bank. Kraken earned the status of the first specialized depository institution in the state.
The banking council later granted Avanti Financial the right to receive and store cryptocurrency in the state.
This May, Nebraska also passed legislation allowing state banks to provide cryptocurrency-related services to clients.
Other states are poised to follow suit and pass cryptocurrency laws.About 25 states are already considering bills on blockchain and / or digital assetsin their 2021 legislative sessions. Among them are Pennsylvania, South Carolina, Nevada, Kentucky and others.
Where is it more profitable to buy cryptocurrency? TOP-5 exchanges
For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.
The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest cryptocurrency exchange in the world is Binance. Binance is also the most popular crypto exchange in Russia and the CIS, since it has the largest cash turnover and supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, Advcash, Payeer.
Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?
Rating of cryptocurrency exchanges:
| # | Exchange: | Website: | Rating: |
|---|---|---|---|
| 1 | Binance (Editor's Choice) | https://binance.com | 9.7 |
| 2 | Huobi | https://huobi.com | 7.4 |
| 3 | Exmo | https://exmo.me | 6.9 |
| 4 | OKEx | https://okex.com | 6.5 |
| 5 | Bybit | https://bybit.com | 6.3 |
The criteria by which the rating is set in our rating of crypto-exchanges:
- Work reliability— stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
- Commissions– the amount of commission for trading operations within the platform and withdrawal of assets.
- Additional features and services— futures, options, staking, NFT marketplace.
- Feedback and support– we analyze user reviews and the quality of technical support.
- Convenience of the interface– we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
- final grade– the average number of points for all indicators determines the place in the ranking.
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