The governor of the U.S. state of Oklahoma has approved House Bill 3594, a landmark bill that protects bitcoin rights and fosters cryptocurrency innovation. The legislation addresses the regulation and promotion of blockchain technology and cryptocurrency in the state. The bill defines key terms such as blockchain, blockchain protocol, and digital assets, which include virtual currencies, cryptocurrencies, stablecoins, and non-fungible tokens (NFTs).
The legislation prohibits the Oklahoma government from imposing additional taxes, withholdings, assessments, or charges on payments made with digital assets, including cryptocurrencies. It authorizes home digital asset mining and permits certain digital asset businesses while restricting political subdivisions from taking discriminatory actions against these activities. Additionally, the bill allows appeals for zoning changes related to digital asset operations and directs the Oklahoma Corporation Commission to avoid creating discriminatory rates. It clarifies that specific persons engaged in digital asset activities are not required to obtain a money transmitter license.
