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Arizona state signs new blockchain bill into law

An official bill was unanimously passed in Arizona state which will allow corporations to hold and share data using blockchain technology. Two further cryptocurrency related bills are pending further reading.

According to a legislation tracker, Arizona state law Governor Doug Ducey officially signed a bill which will permit companies to store and share data on a distributed ledger. Following a vote of a total of 60 representatives the document entitled HB2603 had 56 members in favor and the bill was subsequently passed by the state’s Senate unanimously.

Representative Jeff Weninger introduced the bill in February as an amendment to the Arizona Revised Statutes, in a package along with two others – HB2601 and HB2602 –  which would keep Arizona as the leading state for blockchain technology administration.

Weninger wrote that he sees the “legislation [as] part of a continued effort” in order to open the door for emerging technologies in the state “that include blockchain, digital wealth management, payment processors, and a host of other sectors.”

Weninger outlines the aims of the legislative package; HB2602 would promote blockchain development by limiting how much residential cryptomining is regulated while HB2601 would aim to sanction virtual coin offerings and would differentiate the virtual coins regulated and the virtual coins which represent utility tokens. Weninger says that the first bill would also “[expand] Arizona’s crowdfunding law to allow offerings up to $5 million.” Both are pending a third reading from the state’s senate.

Arizona has been looking to embrace Blockchain technology and cryptocurrency into state policies for some time. Last year in April, HB2417 was passed which made Blockchain signatures legal and accepted smart contracts as binding and just last month SB1091 was signed letting Arizona residents pay tax in Bitcoin.

Owing to Arizona’s Revised Statutes, is now agreed that any data which is composed and stored on Blockchain provides uncensored factual information and is “immutable and auditable”.

Arizona is not the only state to be catching the wave of digital finance in their law-making. Last year New-Hampshire included cryptocurrency in their legal documents by excusing cryptotraders from regulation regarding money transmission. Wyoming also excludes digital currency from property tax and allows particular Blockchain coins from regulation.

Posted: Apr 06, 2018 Author: Becky Categories: Politics