Wyoming Unveils First-Ever Crypto Custody Rules for ‘Blockchain Banks’
Marie Huillet's original article for cointelegraph.com reduced by 44%
The United States' state of Wyoming has unveiled a series of opt-in custody rules for its so-dubbed "Blockchain banks," covering areas such as forks, airdrops and staking. The rules were announced during the Fordham Law Blockchain Regulatory Symposium in New York on Nov. 11, according to a thread of tweets published by Wyoming Blockchain Task Force president Caitlin Long."First-ever" regulatory provisions for crypto custodians in many areas.
Wyoming's "Blockchain banks" - legally known as "Special purpose depository institutions" - were approved by the Wyoming state legislature in February of this year and were introduced to serve those businesses unable to secure FDIC-insured banking services due to their dealings with cryptocurrency. That same month, Wyoming passed a bill defining certain open blockchain tokens as intangible personal property, as well as a bill to establish a fintech regulatory sandbox. In 2018, the Wyoming Senate and House of Representatives passed a bill relaxing securities regulations and money transmission laws for certain tokens offered via an initial coin offering in the state.
A separate house bill exempting cryptocurrencies from the Wyoming Money Transmitter Act was passed by the state legislature in March 2018, as well as a house bill exempting them from state property taxation in February. Further pro-crypto and blockchain senate and house bills had already been passed into Wyoming law.
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