Wyoming authorities have taken many positive steps to regulate cryptocurrencies, blockchain, andcustodian vaults. This is the first state to pass a bill that grants cryptocurrency owners direct ownership rights. Perhaps in addition to this, a crypto bank will appear in Wyoming.
Additionally, statewide insurance companies can invest in Bitcoin (BTC) and other crypto assets by adjusting the insurance code. The new law will come into force on July 1, 2020.
«Hurray!Wyoming insurance companies can invest in BTC and cryptocurrency as of July 1, 2020 (signed by Governor Gordon). Most likely, insurers will offer this as a type of life insurance policy...»- commented the veteran of Wall Street, the founder and CEO of the future crypto bank Avanti Caitlin Long.
Digital assets in Wyoming are defined as:
«Representation of economic, propertyrights or access rights, which is stored in a machine-readable format and includes digital consumer assets, digital securities and virtual currency.
According to the regulation, “digitalconsumer assets,” which are digital assets used or purchased primarily for personal or household purposes. However, it includes “an open blockchain token that constitutes intangible personal property,” such as utility tokens.
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