Wisconsin legislators introduced the bill Monday. This exempts individuals and businesses in the state from requesting remittance licenses if enacted, if enacted, to do so from requesting remittance licenses to participate in mining, staking and exchanges for digital assets.
According to documents from the Wisconsin Department of Legislative Standards, the bill seeks to clearly define exemptions from requiring licenses from financial institutions for activities related to financial institutions.
Under the proposed exemption of Wisconsin Legislature Bill 471, individuals or businesses do not require a DFI license for crypto mining, staking or development.
You will also be exempt from digital assets exchanges if the transaction does not include “conversion to fiat currency” or bank deposits.
“Under the bill, neither state agencies nor political zoning can prohibit or limit the acceptance of digital assets as a form of payment for legal goods or services, or adopting management of digital assets using self-hosted wallets or hardware wallets,” the document adds:
“The bill also specifies that people in this state will connect to the blockchain protocol on May 1) and operate the nodes with the purpose of participating in the operation of the blockchain protocol; 2) develop software on the blockchain protocol;
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The bill presents another attempt to reduce some of the legal gray areas surrounding state-based crypto regulations. Despite the rise in adoptions, there is a lack of clear rules across the nation for cryptography.
Wisconsin Building still has hurdles to pass
The bill is sponsored by seven Republicans at the House level and two Republican co-sponsors in the Senate, and has since been featured on the Financial Institutions Committee.
According to Legiscan, the bill has a current rate of progression of 25%. This is because one chamber and two more committees must pass potentially before it is enacted.
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