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16/05/24
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Oklahoma Governor Signs New Law Related to Digital Assets and Blockchain Tech
A bill establishing a legal framework for blockchain technology and digital assets has been signed into law by Oklahoma Governor Kevin Stitt. According to the new legislation, the government of Oklahoma cannot restrict the use of digital assets for legal purchases or self-custody. Likewise, there will be no additional taxes on digital assets used for payment.
State Rep. Brian Hill proposed the bill five months ago to legitimize home digital asset mining in residential zones under local noise ordinances. Entities into mining of digital assets in industrial zones can operate without specific noise limits other than established limits.
“House Bill 3594 lays a foundation for protecting individuals’ rights to their digital asset. By providing clarity and protection now, we can ensure free market practices remain the guiding principles in this burgeoning industry,” said Hill on May 9, after the bill was passed.
The new law treats miners as data centers and disallows political subdivisions from imposing requirements on digital asset mining firms that are also not applicable to data centers. It protects people and entities carrying out cryptocurrency mining or node operation from liabilities associated with the validation of transactions.
“Operating a node or series of nodes on a blockchain protocol shall not require an individual or business to obtain a money transmitter license under Section 1513 of Title 6 of the Oklahoma Statutes,” reads the law.
A money transmitter license is not required to mine digital assets, operate nodes, or participate in blockchain staking. The new law will become effective on November 1, 2024.
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