Ohio House Approves Bill Exempting ‘Bitcoin Users’ From Minor Tax Burden

The House of Representatives of Ohio voted on Wednesday to continue with a new crypto account that is looking for various protections for participants in industry, to set up it on the legislative chain and to become closer to the law.

If the rights are signed by Governor Mike Dewine, the Ohio Blockchain Basics Act would forbid the national and local authorities to limit the use of digital assets as payment or interfering the use of hardware portfolios or “self-hosted” portfolios.

It would also allow digital assets by people in residential areas, depending on local regulations and enable mining companies to operate in industrial zones if they meet the existing requirements.

It goes even further by banning local authorities to reset areas with mine companies without a good notification and a chance of commenting and to grant those companies the right to appeal against discriminatory zoning actions.

Persons involved in mining, commitment, assets entitlement or blockchain junction activities would be excluded from money transmitter, security and investment laws.

Exemptions from capital profits also apply to every crypto transaction with a value of $ 200. After a 68-26 votes, House Bill 116 Now goes to the Senate to the Senate for consideration.

Changing tides

Sponsored by Rep. Steve Demetriou, HB 116 was first introduced in February and was raised with the House Technology and Innovation Committee before won the approval of the entire house on Tuesday.

Wednesday’s legislation only comes one day after the US Senate has adopted the reform of the Grote Stablecoin under the Genius Act in Washington, DC, while crypto regulations throughout the country will remain firm this year.

It also marks the last in state laws that have been established to codify rights for crypto users and providers, after the passage of Kentucky of a Bitcoin and Ethereum self-herb law in March.

“We are getting ready to show the country that Ohio is ready to embrace the future of our economy and blockchain technology and digital assets,” Demetriou said before the mood.

“Once we have adopted this bill, we become one of the first states in the country to create a common intellectual framework for these advanced technologies and industries,” Demetriou added.

Other states that consider new crypto regulations are Arizona, Florida, California, Texas and Wyoming.

The Satoshi Action Fund, which argues for crypto policy reform at state level, praised the approval of Wednesday’s bill through the house.

It is a “clear signal” that legislators are starting to come up with the idea of ​​monitoring the rights of the participants in the industry, while “Innovation in the state of Buckeye encourages”, Dennis Porter, CEO and co-founder of the Satoshi Action Fund, told Decrypt.

He also labeled the exemption of $ 200 capital gain “A commonsense solution that helps everyday Bitcoin users to prevent unnecessary tax complexity.”

“I am optimistic that this momentum will continue in the Senate and look forward to seeing Ohio standing up as a national leader in Bitcoin and digital activity policy,” he said.

The office of representative Steve Demetriou did not respond to the requests of Decrypt for comments.

Edited by Sebastian Sinclair