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ARTICLE · 24 SEPTEMBER 2019

Wyoming Aims To Provide Legal Framework For Using Blockchain And Transacting In Digital Assets

DLA Piper UK LLP
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In early 2019, the Wyoming legislature enacted a flurry of laws aimed at establishing the state as a haven for businesses and investors that focus on blockchain and digital assets.

United StatesTechnology
Liz Caires
Liz Caires

In early 2019, the Wyoming legislature enacted a flurry of laws aimed at establishing the state as a haven for businesses and investors that focus on blockchain and digital assets.  These laws are designed to provide a legal framework for Wyoming's adoption and use of blockchain, and for transactions in digital assets in the state.

These are the most notable of these laws:

  • HB62 establishes open blockchain tokens as intangible personal property not subject to a securities exemption.
  • HB74 creates a charter for a special purpose depository institution to serve the banking needs of blockchain innovators.
  • SB125 provides that digital assets are personal property and general intangibles under UCC Article 9, and investment property under UCC Article 8. Virtual currency is considered money only for purposes of UCC Article 9.

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