Last week, Bitcoinist reported that Wyoming had become the most blockchain-friendly state in the US by passing four new blockchain laws. But what does this mean for the state, the country, and the industry as a whole?
The Emphasis in Wyoming is on Innovation
In an article for Forbes yesterday, Caitlin Long, blockchain advocate and Wall Street veteran, laid out her vision of what the acts actually mean. It includes:
- Special Purpose Depository Institutions
- Commercial Filing System
- Corporate Stock Certificate Tokens
- Digital Assets – Existing Law
The details of each act and how companies and individuals can take advantage of them can be found here, but some of the highlights include applying the same rules to virtual currencies as to money and the creation of a fintech sandbox that allows companies to grow without the burden of regulation for up to three years.
Blockchain companies struggling to get a bank account will be able to access most financial services. This is with the notable exception of loans through the creation…