Wyoming is making cryptocurrency legislative moves, and lawmakers from The Cowboy State want to cleave digital tokens from both the property and payroll tax formulas.
Wyoming Cryptocurrency: Tax Proposal
Legislators are working overtime to transform the state into a blockchain hub. Interested parties have even formed the Wyoming Blockchain Coalition, which aims to “educate Wyoming citizens about the power of blockchain technology.”
Recently, state lawmakers drafted and submitted two bills to further pro-crypto efforts.
The uncharacteristically short Wyoming Senate Bill No. 111, weighing in at only two pages, strip cryptocurrencies from property tax calculations. Wyoming House Bill No. 70 exempts some utility tokens from securities regulations.
“The new bill will definitely change the whole process,” explained a source quoted on ambcrypto.com. “It may even lead to a lot of chaos but in the end, it’s for the betterment of the country, and if implemented the right way, it can even turn out to be a huge success right from the start.”
How Are Other Jurisdictions Dealing With Cryptocurrency?
Wyoming isn’t the only state tackling cryptocurrency and blockchain legalities. New York and Washington have already established licensing requirements for fintech traders and businesses.
Illinois, for its part, is exploring ways leverage blockchain technology to mitigate bureaucratic waste. And overseas, several jurisdictions, like Vanuatu and Belarus, are creating tax havens for individual investors and fintech businesses, respectively.
Connect With A Cryptocurrency Tax Lawyer
The Gordon Law Group works with individuals, traders, and fintech businesses on various cryptocurrency tax law matters. Our team has spent the past several years watching, studying, and analyzing the Bitcoin and crypto markets.
We’ll calculate gains and losses and craft the ideal tax position for your situation. Let’s talk about what we can do for you. Get in touch today to begin the conversation.
Connect With A Cryptocurrency Tax Lawyer »