Regulation News

U.S. Governor Signs Crypto-Friendly Bill into Law! What it Means To The Crypto Community

Written by: Delma Wilson

Written by right arrow

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

  • author facebook
  • author twitter

Jul 2, 2022

news-image

The governor of New Hampshire Chris Sununu signed a on June 24 a bill. The bill allows cryptocurrency businesses to operate in the state without a money transmitter license. The new legislation is effective now in the state to be used by all citizens.

Under the new rules, companies won’t need a money transmitter license as long as they don’t convert fiat currency to cryptocurrency or vice versa. The bill also exempts some types of transactions from the state’s securities laws.

The businesses that will take advantage of the new law are cryptocurrency exchanges, digital wallets, and ICO issuers.

The bill’s sponsor, state Rep. Keith Ammon, said that the legislation would make New Hampshire “more friendly” to the cryptocurrency industry and position the state to take advantage of the “booming technology.”

“This is about making sure that we have the regulatory framework in place to attract businesses in this space to come to New Hampshire and set up shop,” Ammon said.

The new law is seen as a victory for the cryptocurrency industry, which has been pushing for similar legislation in other states. So far, only a handful of states have enacted laws that expressly exempt cryptocurrencies from money transmitter regulations.

In May, Wyoming became the first state to pass a law that exempts cryptocurrency from property taxes. The state is also home to a number of crypto-friendly businesses, including the world’s largest bitcoin mining operation.

The New Hampshire legislature passed the bill with overwhelming support. The state House of Representatives approved the measure by a vote of 284-66, and the state Senate approved it by a vote of 35-1.

The cryptocurrency industry still faces some challenges in the United States. The SEC has cracked down on a number of ICOs, and exchanges have been struggling to obtain banking licenses. But with more states enacting favorable laws, the industry is hopeful that the tide will turn in its favor.

Sununu’s signature on the bill comes just a week after he vetoed a similar measure that would have exempted cryptocurrencies from state securities laws. That bill, which was sponsored by Ammon, passed both houses of the legislature with overwhelming support from lawmakers.

The Governor said that he voted for the bill because it would have created “too much regulatory uncertainty” for the cryptocurrency industry. He also expressed concerns about the bill’s impact on investor protection.

This bill will impact Hampshire state economy positively this is because the legislation would make New Hampshire “more friendly” to the cryptocurrency industry and position the state to take advantage of the “booming technology.”

The businesses that will take advantage of the new law are cryptocurrency exchanges, digital wallets, and ICO issuers. This will create more jobs in Hampshire as well as bring in tax revenue.

Despite his veto of that bill, Sununu said that he was supportive of the goal of attracting crypto businesses to New Hampshire.

Show More

Was this writing helpful?

dislikeimage No myImage Yes

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

Related Articles

Back to top button