Oklahoma Governor Kevin Stitt signed a resolution establishing a legal framework for digital assets and blockchain technology.
The aforementioned legislation makes it unlawful for the state of Oklahoma to impose limitations on the utilization of digital assets for lawful transactions or for self-custody. In addition, it establishes that payment for digital assets must not incur any additional fees or taxation compared to alternative methods.
State Representative Brian Hill introduced the measure in January; it legitimizes the mining of digital assets at home in residential zones in accordance with local noise ordinances.
In addition, enterprises engaged in the mining of digital assets within industrial zones are permitted to function without regard to any additional pollution regulations that may be established.
“House Bill 3594 establishes a fundamental framework for safeguarding the rights of individuals with regard to their digital assets,” Hill stated on May 9, following the legislation’s approval. The new legislation’s implementation date is November 1, 2024.
In addition, the legislation classifies miners as data centers. As stipulated in the legislation, political subdivisions are prohibited from imposing obligations on digital asset mining companies that do not also apply to data centers.
Additionally, the measure safeguards organizations and individuals involved in node operation or cryptocurrency mining against liabilities that are exclusively associated with transaction validation.
“Operating a node or series of nodes on a blockchain protocol shall not require an individual or business to obtain a money transmitter license under Section 1513 of Title 6 of the Oklahoma Statutes.”
Furthermore, the legislation specifies that participation in blockchain staking, operating nodes, or engaging in digital asset mining does not necessitate a money transmitter license.
The legislation additionally incorporates a provision forbidding discriminatory electricity rates specifically aimed at crypto-mining enterprises. This measure guarantees miners access to energy at rates analogous to those observed in other sectors.
Among the first jurisdictions in the United jurisdictions to pass crypto legislation is Oklahoma. Among the proposals that the U.S. Congress has been debating pertains to blockchain technology and cryptocurrencies, including one that would establish a regulatory framework for stablecoins.