Wisconsin lawmakers introduced a bill on Monday which, if implemented, will release individuals and business in the state from the mandate of money transmitter licenses that participate in mining, staking and exchanging digital assets.
According to a document From the Wisconsin Legislative Reference Bureau, the bill aims to clearly define exceptions from the requirement of a license from the Department of Financial Institution for activities associated with the delivery of money.
Under the proposed exclusion of Wisconsin Assembly Bill 471, individuals or businesses do not require DFI licenses for crypto mining, staking and developing blockchain software.
It also eliminates the exchange of digital assets if transactions are not involved in “conversion to legal soft” or bank deposits.
“Under the bill, either a state agency or a political subdivision may prohibit or restrict a person to receiving digital assets as a form of payment for legal goods and services or in the custody of digital properties using a self-host purse or hardware wallet,” the document reads, added:
“The bill also defined that a person in this state could be 1) runs a node for the purpose of connecting a blockchain protocol and participating in blockchain protocol operations; 2) develop software with a blockchain protocol; 3) Move digital assets to other people who use a blockchain protocol; Blockchain protocol.
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The bill marks another attempt to reduce some of Legal color -abo area The surrounding state -based crypto regulation. There is still a Lack of clear policies Nationwide for crypto despite increasing adoption.
Wisconsin Bill still has obstacles to be passed
The bill was sponsored by seven Republican members at home level, and two Republican co-sponsors from the Senate, and has since been referred to the Committee on Financial Institutions.
According to Legiscan, the bill has a current of 25%development rate, as it still needs to go through one room and two more committees before it can be enacted.
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