Square Opens BTC Options to Wyoming as Crypto-Friendly Regulations are Passed
Nearly two months after it integrated BTC into its platform, the popular Square Cash App has successfully opened the door for Wyoming users to buy and sell Bitcoin. Square says that it’s working on making its BTC services available to users in New York state next–the platform is in the process of applying for a New York state BitLicense.
Residents of the states of Wyoming, New York, Georgia, and Hawaii found themselves excluded when Square added the options to buy, sell, send, and receive Bitcoin in late January of 2018. The company decided to hold back from offering its BTC-related services to these states because of the tighter crypto regulations within them.
In response to a tweet asking when Square’s BTC options would be available in New York, the company wrote that it was “working on it.”
Wyoming’s Legislature is Working to Pass Five Crypto-Related Bills
Wyoming has a long history of being a bit tighter on crypto than the average US state. The popular Coinbase exchange app indefinitely suspended operations in Wyoming in June of 2016; the app has shown no signs of resuming business in Wyoming since.
However, crypto regulation in the state of Wyoming has taken a few interesting turns in recent weeks–as many as five different bills relating to crypto regulation have been making their way through Wyoming’s legislative system.
On March 6th, the Wyoming state legislature passed House Bill 70, which exempts certain cryptocurrencies from money transmission laws and securities regulations. The bill legitimizes the classification of “Utility Token” to coins that make certain criteria.
“It’s very exciting that Wyoming is the first state to define what a utility token is, setting an example of how this could become a standard under federal law,” said Caitlin Long, co-founder of the Wyoming Blockchain Coalition, in a Forbes report.
Other crypto-related bills making their way through Wyoming’s legal system are House Bill 101, which proposes the legal use of blockchain for corporate record-keeping; House Bill 126, which may be used to support decentralized corporate governance structures; House Bill 111, which would exempt cryptocurrencies from state property taxes; and finally, House Bill No.19, which would exempt virtual currencies from state money transmitter laws.
Should these bills manage to make their way to becoming laws, the state of Wyoming may be well-positioned as a potential hub for blockchain innovation.
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