US State Wyoming Exempts Cryptocurrencies from Property Tax

Most of the countries’ governments are taking stringent measures to impose ban on the use of cryptocurrency exchanges and ICO’s. But here, the US state of Wyoming where the state’s legislature has approved a set of new measures to cryptocurrency business.

Also Read: US Economic Report 2018 Devotes A Chapter To Cryptocurrencies

Property Tax Exemption for Cryptocurrencies

The decision passed by the senate of Wyoming called Bill 111 that will exempt cryptocurrencies from property taxation in the state. The law defines “virtual currencies” as any type of digital representation of value that is used as a medium of exchange, unit of account or store of value, and is not recognized as legal tender by the United States government.

This was one of five bills passed by the legislature in Wyoming recently which are meant to optimize the the legal grounds of cryptocurrency and blockchain technology use in the state in order to facilitate the establishment of related business ventures there. Two other bills that we reported on before made utility tokens exempt from securities laws and made cryptocurrency exchanges exempt from the Money Transmitter Act.

Crypto Business in Wyoming

Wyoming’s State Representative Tyler Lindholm in an interview with CNBC said that Wyoming will be the new destination for Crypto businesses. He explained that if you mine bitcoin there is now no longer a property tax, no income tax and no corporate tax. Wyoming is one of only nine states out of all American states that have no income tax.