The state of Wyoming reportedly passed two new bills that hope to improve the regulatory environment for cryptocurrencies and blockchain innovation and in the latest blockchain news we find out more.
Currently, only the House Bill 62 is on updated Wyoming’s legislature page where it can be sent hat it passed 8-1. The second bill- House Bill 57 still needs to be updated. Bill 62 is named as the ‘’Wyoming Utility Token Act-property amendments’’ where open blockchain tokens are defined as intangible personal property. The bill clarifies:
“The open blockchain tokens governed by this act do not constitute securities because a person who is sold a consumptive open blockchain token cannot receive a cash payment or share of profits from a developer or business, but will instead receive a fixed amount of consumable services, content or property.”
The Bill 57 is named as ‘’Financial Technology sandbox’’ and wants to create a regulatory ‘’sandbox’’- a flexible environment that will improve innovation. The bill hopes to be welcoming towards businesses and the new financial products and services.
In 2018, both the House of Representatives and the Senate of Wyoming passed the House Bill 70 where securities regulation and money transmission for multiple tokens are relaxed. Another house bill regarding virtual currencies from the Wyoming Money Transmitter Act was passed in March 2018.
The president of the Wyoming Blockchain Coalition, Caitlin Long, has previously argued that the definition of utility tokens as a new asset class is extremely important to be brought under the state legislators rather than the agencies such as the Securities and Exchange Commission.
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Accounts Of The First Digital Bank In India Closed After Involving In Crypto-Related Activity
“I've been a user of DBS' Digibank for a year. Although I regularly used Kotak Mahindra Bank for my cryptocurrency transactions, I used Digibank only 7 times throughout the year. On January 14th, I received multiple messages from my twitter [sic] followers regarding an account closure notice by Digibank. I checked my mailbox and found the mail myself.”However, Digibank stated:
“Reserve Bank of India through their public notices have warned/advised the public regarding risks associated with virtual currencies. We reiterated the same vide our emails dated 4th May 2018 and 2nd Aug 2019, cautioning our account holders [against] the risks associated [...] and that DBS accounts and debit cards should not be used for their purchase or any kind of dealings.”Many other users responded to the allegations that not only Digibank but many other banks are doing the same as well.
BitMex Pulls The Plug On Trading Accounts In Quebec And The US
‘’The development comes at the same time as the Hong Kong-based company notifying users in North Korea, Iran, Syria, Cuba, Sudan and Sevastopol in the Crimea since the fourth quarter of 2018 against holding positions or trading on BitMEX, as these are restricted jurisdictions.’’It seems like BitMex only wants to cover its back and provide protection for their users against regulatory crackdowns. However, the exchange decided to pull the plug on the trading accounts after the Canadian regulatory body has announced the BitMex is operating illegally in Canada:
‘’BitMEX is not registered with the AMF and is therefore not authorized to have activities in the province of Quebec. We informed this company that its activities were illegal.’’There is still no explanation why the exchange decided to shut down the trading accounts in the US. Many believe that the exchange does so because of the same strict crypto regulations. We are still expecting a comment from BitMex since it seems like there is almost a billion dollars worth of crypto still on the platform.
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