Arizona House Bill 2603 and Cryptocurrency Regulation: What You Need to Know

by 99Crypto

Arizona House Bill 2603 passed the Arizona House of Representatives with a strong 56 in favor, 3 not in favor, and 1 abstention. From there, the bill passed unanimously in the senate and was officially signed into law on April the 3rd by Arizona governor Doug Ducey. This bill will allow corporations to hold and share data on a distributed ledger.

The bill was originally introduced by Representative Jeff Weninger back in February as an amendment to the Arizona Revised Statutes. This was back in February and was meant to facilitate newer technologies in the state of Arizona.

The other bills, HB 2602 and 2601, are both still waiting in the Senate for a third reading. HB 2602 would keep towns from prohibiting residents the ability to mine cryptocurrency in their own homes. 2601 addresses things such as crowdfunding and security issues. HB 2601 would recognize cryptocurrencies as legitimate forms of digital trading.

These measures are coming at a time where large-scale regulations are moving to simultaneously recognize blockchain technology while also delimiting its applications. The state has already passed Senate Bill 1091, which allows the residents of the state to pay their taxes directly with bitcoin.

Last year in April, House Bill 2417 recognized the ability for smart contracts to be enforceable while also legalizing Blockchain signatures by recognizing them as auditable. The state's revised statues now see Blockchain technology as something that can provide an uncensored truth.

All across the United States, more and more states are passing open minded legislation on Blockchain technology along with various types of cryptocurrency. New Hampshire, for example, gave traders of cryptocurrency an exemption from the normal money transmission regulations that are normally imposed on other types of money transfers. This was back in March of 2017. Wyoming also exempted virtual currency from property taxations and freed some tokens from stricter regulations.