Wyoming to become first U.S. state to give crypto complete banking permissions

January 22, 2019
Chris Wheal

Wyoming legislators have proposed a new bill which is aimed to help push the advancement of using crypto in government even further.

The bill, SF0125, was introduced on Friday. If Wyoming’s governor signs the bill, it means cryptocurrency would be classified as property and fall under the state’s existing property laws. Furthermore, the bill would give banks the opportunity to provide their customer services in exchange for cryptocurrency payments.

Wyoming Blockchain Coalition’s Co-Founder, Caitlin Long, said this bill is a legislative opportunity for future crypto businesses to open up or base themselves in the state. She compared the proposed Wyoming bill to New York State’s Trust License. She stated Wyoming’s proposed bill is “better” than the Trust License put into place in New York. Long said it’s because Wyoming has already legally defined the status of crypto and digital assets, claiming there aren’t any other states in the U.S. that have those same legal guidelines.

Both parties in Wyoming’s House and Senate support the proposed bill.

Back in November, another U.S. state, Ohio, started accepting business tax payments in crypto, promising to extend this opportunity to individuals, too. Will others join?

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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