Legislators in Ohio Chambers of representatives proposed a law preventing additional tax on cryptocurrency payments and extraction solutions, stations and regulations of digital assets and investments by state pension systems.
Legislators introduce “Act on the Blockchain Ohio database”
On Monday, legislators from Ohio introduced “Act on the Blockchain Ohio database” or the Act on House 116 (HB116) in order to change existing regulations and preventing state and local governments imposing additional taxes on cryptocurrency assets used as a payment method.
Sponsored by the representative Steve Demetriou and co -financed by Tex Fischer, Brian Lorenz, You D. Mathews, Riordan McClain and Josh Williams, Bill 116 are aimed at preventing the general meeting of the “Act, which will propose to impose a fee, tax, tax, assessment or other Change of digital assets used as a method of payment for goods and services. “
Ohio lawmakers introduce House Bill 116. Source: LegiScan
If the sentence, HB116 still allows fees, taxes, assessments or other fees that usually relate to legal tender transactions in the field of cryptographic transactions.
He also authorizes that no political agency or state agency can prohibit the residents of Ohio to accept digital assets as payments for goods and services or limit them to stop cryptocurrency assets using equipment or self -employed wallets.
According to the proposed account, natural persons are not obliged to have a license for a money transmitter to get involved in extraction of cryptocurrencies, finding or exchange cryptographic assets for another digital resource, while companies offering mining or joint services will not be considered “offering a security contract or investment. “
In addition, state pension funds will be required to assess the potential risk and benefits of investing in current funds (ETF) and write a report on the general assembly during the year.
Ohio continues the efforts regarding cryptocurrency regulations
This movement is in line with other similar proposals for legislators from Ohio, including the former Senator of the State Ohio, Niraj Antani, September last year.
If it is adopted, the Act would require you to accept digital assets for state taxes and fees as well as allow state institutions and pension funds to invest in digital assets. However, according to Legaiscan, the law reached only 25% before death in the commission.
In addition, a representative of Ohio, Derek Merrin, introduced in December a bill on the creation of a BTC reserve within the State Treasury.
“The Bitcoin reserve Ohio” or Bill House 703 was aimed at establishing a dedicated fund in the Treasury of Ohio and providing the treasurer with a legal status of a legal framework that allows them to buy and store BTC.
Recently, Senator Ohio Sandra O’Brien introduced the Senate Bill 57, a second Account enabling the state to invest in Bitcoin and create “Ohio Bitcoin Reserve Fund”. If it is adopted, the proposed regulations will require Bitcoin investments for five years.
Senator confirmed“The cryptographic world is here, and Ohio must be a leader. Crypto will be the main part of President Trump’s term of office. When his working group issues recommendations, Ohio will be ready. “
Bitcoin trades at $88,960 in the one-week chart. Source: BTCUSDT on TradingView
A distinguished painting with unmplash.com, chart from tradingview.com
