Among the many states in the United States which are considering using blockchain technology, Utah is the latest one that considers implementing blockchain technology and regulating it with a new bill that is supposed to be heard later today according to the information that reached our blockchain news today.
The Utah Senate will try to provide a definition of blockchain technology. The Republican senator Daniel Hemmert first presented the ‘’Blockchain Technology Act’’ on February 25 known as the Bill 0213 which aims to exclude blockchain businesses from all of the obligations related to money transmitter compliance.
The text of the bill reads further:
“This bill defines and clarifies terms related to blockchain technology [and] exempts a person who facilitates the creation, exchange, or sale of certain blockchain technology-related products from Title 7, Chapter 25, [of the] Money Transmitter Act.’’
The plans are handed out to the Senate Transportation, Public Utilities, Technology Committee, and Energy.
In addition, changing the law regarding crypto and blockchain companies, Hemmert hopes to create a specialized task force that will be mainly focused on the technology including pilot projects creation and development which will be reported back to the government before the end of each year.
The bill continues:
“On or before November 30, 2019, the task force shall provide a report on the task force’s findings and recommendations, including any proposed legislation.’’
If the bill passes, Hemmert would make Utah a very progressive state regarding the local regulatory treatment of crypto and blockchain.
On the other hand, we have New York and North Carolina both of which countries have long mandated extremely strict licensing procedures for all blockchain-related businesses.
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