As the crypto markets continue to expand across the globe, the implementations of proper blockchain regulations become that much, more necessary.
In this regard, the state of Wyoming is leading the race and currently it is the only U.S state to have an extensive regulation structure for blockchain technology and other things related to it.
Following Wyoming, Utah legislators are planning to include legal framework for blockchain in the bill that is going to go before the Senate today.
The bill is currently addressing the laws regarding the technological issues in the state as well as a move to increase investment in the state by providing certain incentives. The draft containing legal framework regarding blockchain is titled as the “Blockchain Technology Act” that was initially presented by Senator Daniel Hemmert.
The bill aims to create ease for blockchain businesses by exempting them from money transmitter compliance regulations. This will hopefully, help to increase development in the area.
The main objective of both the states appears to tap into the development occurring in the blockchain industry as according to analysts the blockchain market is expected to grow around twenty-nine times in the next five years.
Moreover, the Senate plans on establishing a special task force specified for exploring the potential for blockchain as well as improving the environment for its growth.
The current laws in New York are pushing away potential investors towards more suitable states like Wyoming etc.
Although Wyoming is currently the leader in blockchain regulation, how long can it maintain its position?