The State of Wyoming is making a well-thought-out effort to expand its position in the world as it puts in place regulations that allow it to be a platform in the crypto and blockchain space. Several new bills are being passed in the state in February that would welcome new technologies in these areas going forward. A Wyoming-based advocate, Caitlin Long, has supported the passage of resolution SF0125 on February 14, 2019, claiming that this state`s laws have meaning. Specifically, “Wyoming law recognizes property rights in the direct ownership of digital assets.”
Mr Long (in an article by Manning, Bitcoin Magazine), put together a list of key points in said law that “blockchain tech enables direct ownership of assets, and now the law does too,” as a message to those who are not on the ground. This state, the smallest in the US in terms of population, as it ranks 50th with only 670,000 inhabitants, is moving forward and from a strictly legals standpoint, it is on the cutting edge for crypto and blockchain.
On February 2, 2019, the Wyoming State Senate passed another bill – there have been several passed recently – that updates the classification of crypto assets, including a point that makes the asset formally called a currency – note that some states and countries have not gone as far as this classification. The Bill reads as follows: Crypto assets can be considered to have three different statuses legally, first the digital consumer asset, digital security and virtual currency.
Wyoming legislators are sympathetic to making a new industry in the state, so the general understanding and more importantly, the legal friendliness is expected to continue in the future.
The Cowboy State as it is called has a strong base in the following industries: Mining which means oil and gas, manufacturing as well as logistics, which is more specifically the transportation and warehousing of goods that pass across the country. Crypto and Blockchain may be a key employer in the future.