Oklahoma Governor Signs Blockchain and Digital Currency Legislation into Law
Summary:
Oklahoma Governor Kevin Stitt has signed into law a bill to create a legal framework for blockchain technology and digital currencies. The legislation, set to take effect on November 1, 2024, legalizes digital asset mining in residential zones, prohibits restrictions on the use of digital currencies for legitimate purchases or self-storage, and prevents the imposition of extra taxes on digital currency payments. The bill also protects crypto miners and node operators from specific liabilities and disallows discriminatory electricity rates aimed at crypto-mining businesses.
Governor Kevin Stitt of Oklahoma has enacted a law providing a legal structure for blockchain technology and digital currencies. The updated rule bars the state government from placing restrictions on legal uses of digital currencies, including legitimate purchases and self-storage. The law also stipulates that no extra taxes or charges should be imposed on payments made via digital currencies compared to payments through other ways. The bill, initially presented in January by Rep. Brian Hill, now recognizes the mining of digital assets in homes within residential areas in compliance with local noise laws. Furthermore, businesses conducting digital asset mining in industrial areas have been exempted from special noise limits apart from those already existing. Following the passage of House Bill 3594, Hill commented on May 9 about the bill being instrumental in safeguarding individuals' rights to their digital currencies. The newly enacted rules will go into effect on November 1, 2024. The bill also classifies miners as data centers, and it suggests that digital asset miners shouldn't face requirements not applicable to data centers. A key point to note under the bill is the security offered to people and companies, specializing in crypto mining or node running, from liabilities exclusively related to transaction validation. The law continues to mention that no money transmission license is required for those involved in digital asset mining, operating nodes, or participating in blockchain staking. Discriminatory electricity rates aimed at crypto-mining businesses are also prohibited under the law to ensure that miners enjoy the same energy rates as other industries. Oklahoma is one of the pioneer states in the U.S. to initiate cryptocurrency legislation. The introduction of this law comes at a time when the U.S. Congress is deliberating on several bills addressing cryptocurrencies and blockchain technology, including a legislative framework for stablecoins.
Published At
5/15/2024 10:31:31 PM
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