April 21, 2021

Wyoming legalizes Bitcoin investment and ownership

Wyoming legalizes Bitcoin investment and ownership

The Wyoming authorities have taken many positive steps to regulate cryptocurrencies, blockchain and custodian 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.

In addition, in the state, insurance companies can invest in Bitcoin (BTC) and other crypto assets by making adjustments to the insurance code. The new law will enter into force on July 1, 2020.

"Hooray! Wyoming insurance companies can invest in BTC and cryptocurrency from 07/01/2020 (the document was signed by Governor Gordon). Most likely, insurers will offer this as a form 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:

"A representation of economic, property rights or access rights that is stored in a machine-readable format and includes digital consumer assets, digital securities and virtual currency."

According to the provision, “digitalconsumer assets ”, which are digital assets used or purchased primarily for personal or domestic purposes. At the same time, it includes an “open blockchain token constituting intangible personal property”, for example, utility tokens.