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ARTICLE · 26 JUNE 2017

Nevada Passes Fintech Law

Reed Smith
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A number of states have jumped into the FinTech fray by enacting legislation or issuing guidance regarding new technologies and digital currencies.

United StatesFinance and Banking
Kari S. Larsen
Kari S. Larsen
Kimberly Chow
Kimberly Chow
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A number of states have jumped into the FinTech fray by enacting legislation or issuing guidance regarding new technologies and digital currencies. The latest of these technology-forward states is Nevada. Following the example set by Arizona, Nevada recently passed a bill clarifying blockchain's legal status under state law. The law, Senate Bill 398, was signed by the governor June 5 and prohibits local governments from imposing taxes or fees on the use of a blockchain; requiring a certificate, license, or permit to use a blockchain; or imposing any other requirement relating to the use of blockchain. Additionally, the Nevada law states that "if a law requires a record to be in writing, submission of a blockchain which electronically contains the record satisfies the law." Arizona passed a similar law, House Bill 2417, in March 2017, also requiring that smart contracts and blockchain signatures be given legal binding status.

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