A invoice prohibiting additional taxes on crypto funds and safeguarding digital asset rights has been launched within the Ohio Home of Representatives.
Dubbed the Ohio Blockchain Fundamentals Act, the invoice outlines protections for actions like self-custody, mining, and staking whereas additionally exempting sure crypto transactions from cash transmission licensing necessities.
It was launched on Feb. 24 by Consultant Steve Demetriou and co-sponsored by fellow lawmakers Tex Fischer, Brian Lorenz, Ty D. Mathews, Riordan McClain, and Josh Williams.
One of many key features of the invoice is that it prevents state and native governments from imposing extra taxes, charges, or prices on digital property used as a technique of fee, basically treating them the identical as conventional fiat transactions.
Nevertheless, crypto transactions would nonetheless be topic to straightforward taxes, reminiscent of state and gross sales taxes, identical to another fee made with conventional fiat foreign money.
Relating to digital asset rights, the invoice mandates that people have the liberty to self-custody their digital property utilizing {hardware} or self-hosted wallets. It additionally protects the best to take part in crypto staking and mining actions with out the necessity for a cash transmission license, so long as native zoning rules are adopted.
Additional, it ensures that no state company or political subdivision might prohibit people from accepting digital property as fee for items and providers.
Moreover, the invoice permits residential crypto mining in compliance with native ordinances and ensures that zoning adjustments can’t unfairly goal mining companies working in industrial zones.
The laws additionally requires Ohio’s state retirement funds to evaluate the potential dangers and advantages of investing in crypto exchange-traded funds. The findings from this analysis should be reported to the Basic Meeting inside a 12 months, highlighting the state’s rising curiosity in exploring digital asset investments for institutional portfolios.
Lawmakers in Ohio have continuously pushed for crypto-related payments over the previous months, together with two payments associated to cryptocurrency reserves.
The primary was launched by Consultant Derek Merrin, aiming to determine a strategic Bitcoin reserve for the state. Shortly after, Consultant Steve Demetriou, who additionally spearheaded the Ohio Blockchain Fundamentals Act, proposed a second invoice that may permit Ohio to allocate as much as 10% of its state-controlled funds towards constructing a Bitcoin stockpile.
