In spite of a recent spate of dire tidings for the crypto industry, Wyoming retains its enthusiasm for welcoming businesses of this type. The state has continued to make strides in becoming a hub of blockchain technology, such as the passage of a series of laws designed to attract crypto-related startups.
The Wyoming legislature has been keen to capitalize on the technology, with Rep. Tyler Lindholm introducing a series of bills in 2018 to make the state more crypto-friendly. These include the Digital Assets Exemption bill, which exempted digital assets from property taxes, and the Digital Assets Exemption bill, which allowed companies to issue tokens in exchange for equity. The legislature also passed the Open Blockchain Token Act, which clarified the legal status of digital tokens.
In addition, Wyoming’s governor, Mark Gordon, has taken steps to promote the state as a business-friendly environment for blockchain projects. He signed a memorandum of understanding with the Blockchain Coalition of Wyoming to encourage the development of blockchain technology in the state, and has also proposed a bill to create a blockchain-focused “sandbox” for startups.
The state has also made strides in attracting established crypto companies. Kraken, one of the largest crypto exchanges, has announced plans to open a new office in Wyoming, as has blockchain-focused consulting firm BlockCypher.
Wyoming’s efforts to create a welcoming environment for crypto businesses have been met with considerable enthusiasm from the community. The Wyoming Blockchain Coalition, for example, has praised the state’s “pro-innovation stance” and has said that the laws passed by the legislature have made Wyoming “one of the most crypto-friendly states in the nation.”
It remains to be seen whether Wyoming’s efforts to attract crypto companies will ultimately be successful. But the state’s commitment to creating a business-friendly environment for blockchain technology is certainly an encouraging sign for the industry.
Given the recent rash of deleterious news in the crypto sector, Wyoming’s unyielding endeavor to entice such firms is a heartening indication for the industry. The state has persevered in its endeavor to become a blockchain technology hub, passing a series of legislative measures aimed at luring crypto-related startups. This includes the Digital Assets Exemption and Open Blockchain Token Acts which respectively exempt digital assets from property taxes and elucidate the legal standing of digital tokens. Furthermore, Governor Mark Gordon has authorized a memorandum of understanding with the Blockchain Coalition of Wyoming, as well as proposed a bill to establish a blockchain-focused “sandbox” for startups.
Moreover, prominent crypto companies, including Kraken and BlockCypher, have declared plans to set up offices in the state, eliciting laudatory comment from the Wyoming Blockchain Coalition for its “pro-innovation stance”. Nonetheless, it remains to be seen whether Wyoming’s efforts to draw crypto businesses will be successful. Nevertheless, the state’s continued dedication to creating a welcoming milieu for blockchain technology is a positive sign for the industry.