United

2024

Kevin

Bitcoin

FIRST

Oklahoma Governor Kevin Stitt recently signed legislation creating a comprehensive legal framework for blockchain technology offering protections for the state’s cryptocurrency miners.&nbsp; 
State Representative Brian Hill spearheaded the new legislation, known as House Bill 3594, which will go into effect November 1, 2024. This <a href="http://webserver1.lsb.state.ok.us/cf_pdf/2023-24%20AMENDMENTS/Amendment%20&amp;%20Engr/HB3594%20SAHB%20&amp;%20ENGR.PDF" target="_blank" rel="noreferrer noopener">legislation</a> establishes Oklahoma as one of the first states in the United States to formalise blockchain operations under its legal framework. 
Key Provisions of the New Crypto Legislation 
The law ensures that the use of digital assets for legal purchases or self-custody is free from undue restrictions by the state government. It also exempts digital assets used in transactions from facing any additional taxes or charges that are not applicable to other payment methods. 
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 SIGNED! ✍️🎉 On Monday afternoon, Gov. Kevin Stitt put Oklahoma on the forefront of <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> legislation by signing HB3594 into law. The law makes Oklahoma the FIRST State to codify the rights of its citizens to run a node, to mine, and to self-custody their Bitcoin. <a href="https://t.co/nw2Fx1jchA" target="_blank">pic.twitter.com/nw2Fx1jchA</a>— Oklahoma Bitcoin Association (@oklahomabtc) <a href="https://twitter.com/oklahomabtc/status/1790486335045726712?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 14, 2024</a>
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For individuals and businesses involved in home mining of digital assets, the law legitimizes their operations within residential zones, provided they comply with local noise ordinances. Additionally, digital asset businesses operating in industrial zones will not be subjected to specific noise limits beyond existing regulations. 
Under the new legislation, crypto miners are recognized as data centers, which means political subdivisions cannot impose on mining companies any requirements that are not also applicable to traditional data centers.&nbsp; 
This includes the protection against discriminatory electricity rates, ensuring that miners have access to energy at rates comparable to other industries. Furthermore, the bill clarifies that operating blockchain nodes or engaging in digital asset mining does not require a money transmitter license, fostering a more favorable environment for blockchain technology and its applications across Oklahoma. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read:<a href="https://www.cryptotimes.io/2024/05/10/norway-to-introduce-regulated-data-centre-law/" target="_blank" rel="noreferrer noopener"> Norway to Introduce Regulated Data Centre Law</a> 
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Oklahoma Law Creates Legal Framework for Crypto Miners

The Crypto Times

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