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Wyoming Legislators Vote To Create Crypto Banks

11:43 04/12/2018

The Legislative Committee of Wyoming almost unanimously voted for adoption of a draft legislation that allows banks to conduct financial operations with cryptocurrencies, Bitcoinist reports.

 

At a meeting of the blockchain committee, Wyoming lawmakers discussed bills aimed at regulating the technology in the banking sector. It is known that one document dubbed 19LSO-0055 was adopted. It mentions the security challenges that blockchain innovators face when trying to implement technology into the operation of financial institutions.

According to the adopted document, Wyoming will create Special Purpose Depository Banks aimed at cooperation with blockchain innovators and facilitating the safe development of the country’s financial system.

 

13 officials voted for the crypto law, and there also was one vote against. Caitlin Long, a legal expert, who worked at the blockchain division of Morgan Stanley, tweeted that the law was adopted despite the strong disapproval from the representatives of the banking industry.

Blockchain supporters called the authorities’ decision the "good news" for the sector of finance in comments under the Long’s tweet. Also, Wyoming can approve six more crypto laws that are currently studied by the committee, she wrote.

 

In 2018, Wyoming authorities adopted five laws to regulate blockchain and cryptocurrencies. One of them, from March 7, recognizes utility tokens as a class of assets.

 

Previously, the regulator of New York granted a license to a crypto firm.

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