Oklahoma Governor Kevin Stitt has signed a bill into law that establishes a legal framework for blockchain technology and digital assets. The newly enacted legislation prevents the Oklahoma government from imposing restrictions on the use of digital assets for legal purchases or self-custody. It also ensures that digital assets used as payment are not subjected to additional taxes or charges compared to other methods.
The bill, introduced by state Rep. Brian Hill in January, also legitimizes home digital asset mining in residential areas under local noise ordinances. Additionally, businesses engaged in digital asset mining in industrial zones can operate without specific noise limits, as long as they adhere to the existing regulations.
Rep. Hill expressed his satisfaction with the passage of House Bill 3594, stating that it establishes a foundation for protecting individuals’ rights to their digital assets. The new legislation will be effective from November 1, 2024.
Under the bill, miners are treated as data centers, ensuring that political subdivisions cannot impose requirements on digital asset mining companies that are not applicable to data centers. The legislation also protects individuals and businesses involved in crypto mining or node operation from liabilities solely related to transaction validation.
Furthermore, the legislation clarifies that engaging in digital asset mining, operating nodes, or participating in blockchain staking does not require a money transmitter license. This provides clarity and eliminates unnecessary regulatory burdens for individuals and businesses in the digital asset space.
Another important provision of the bill is the prohibition of discriminatory electricity rates targeted at crypto-mining businesses. This ensures that miners have access to energy at comparable rates to other industries, preventing any unfair treatment.
Oklahoma is one of the pioneering states in the United States to enact crypto legislation. While the U.S. Congress is also discussing various bills related to cryptocurrencies and blockchain technology, Oklahoma has taken a significant step forward in establishing a regulatory framework for digital assets.
(Source: https://cointelegraph.com/news/oklahoma-governor-signs-bill-establishing-legal-framework-for-blockchain-and-digital-assets)