Oklahoma Governor Kevin Stitt has approved a bill that establishes a legal structure for blockchain technology and digital assets. The newly passed legislation prevents the Oklahoma government from imposing restrictions on the use of digital assets for legal purchases or self-custody. It also states that digital assets used for payment cannot be subjected to additional taxes or charges compared to other payment methods.
The bill, which was introduced by state Rep. Brian Hill in January, legalizes home digital asset mining in residential areas under local noise regulations. Additionally, businesses that mine digital assets in industrial zones are allowed to operate without specific noise limits, as long as they adhere to existing regulations.
Hill expressed his support for the bill, stating on May 9 that “House Bill 3594 establishes a foundation for protecting individuals’ rights to their digital assets.” The new legislation will go into effect on November 1, 2024.
Under the bill, miners are classified as data centers. It specifies that political subdivisions cannot impose requirements on digital asset mining companies that do not also apply to data centers.
Furthermore, the bill provides protection to individuals and businesses involved in crypto mining or node operation, shielding them from liabilities solely related to transaction validation.
The legislation also states that engaging in digital asset mining, operating nodes, or participating in blockchain staking does not require a money transmitter license.
To ensure a level playing field, the legislation prohibits discriminatory electricity rates targeted at crypto-mining businesses, guaranteeing that miners have access to energy at rates comparable to other industries.
Oklahoma is one of the first states in the US to enact crypto legislation. The US Congress has been deliberating various bills concerning cryptocurrencies and blockchain technology, including legislation for regulating stablecoins.
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