Wyoming, one of the leading crypto states in the U.S. 

More and more states in the U.S. are venturing into cryptocurrencies to tap these virtual assets’ massive opportunities. Wyoming is one of the leading states that is priming itself to become a crypto hub, not only in the United States but also in the world. 

For the past several years, the state has been clearly preparing to be a crypto-friendly place through its pro-crypto regulations and zero corporate and personal state income taxes. Through these initiatives, Wyoming has attracted a lot of big crypto companies, which includes Kraken and Ripple. 

In the last few years, the state has successfully passed 24 crypto laws which would clearly prepare it for a crypto-centered future. Other states that are also fully supporting cryptocurrencies are Illinois, Montana, Texas, North Dakota, and Nevada. 

More crypto initiatives

Last 2018, Wyoming passed House Bill 19 (HB 19) which exempted cryptocurrencies from its money transmission licensing requirements. On top of that, the state also “rewards” anyone who develops, sells or facilitates the exchange of a blockchain token through exemptions from money transmission laws. 

New York has a stricter approach when it comes to cryptocurrencies. Every blockchain-based cryptocurrency operator is required to have a license called “BitLicense”, which according to operators, is very challenging to obtain. 

Wyoming, meanwhile, has a more friendly policy where the state’s Financial Technology Sandbox doesn’t burden blockchain startups with crypto regulations. 

On top of that, the state has also waived crypto-related taxes at the state level, unloading a sizable weight from crypto companies. Also, while Wyoming recognizes cryptos as assets, it exempted them from property taxes through its “Crypto Property Tax Exemption Bill.” 

Challenges for crypto

Cryptos may have been experiencing a “good life” in Wyoming, but in general, cryptos in the U.S. are facing major challenges. The U.S. isn’t really an anti-crypto state but regulators, until now, are still reluctant to allow banking services for its crypto industry. 

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/blockchain/wyoming-one-of-the-leading-crypto-states-in-the-u-s/