Oklahoma Crypto Bill Passed, No Extra Taxes On Transactions Imposed

Key Points:

• Oklahoma’s OKHB3594 bill protects digital asset usage and self-custody.
• The law allows home and industrial crypto mining.
• Crypto can be used for purchases without extra taxes in Oklahoma.

Oklahoma crypto bill OKHB3594 safeguards residents’ rights to use and self-custody digital assets, legalizes home mining, and prohibits extra crypto taxes.

A groundbreaking bill has been passed in Oklahoma, aiming to safeguard the rights of its residents to self-custody digital assets.

Oklahoma Crypto Bill: Self-custody, Mining & Crypto Payments Protected

The bill, OKHB3594, was signed into law by Governor Kevin Stitt and sponsored by four Republicans. It will become effective on November 1, 2024.

This legislation is significant because it pertains to the use and regulation of blockchain technologies and digital assets in Oklahoma.

Blockchains are data networks that create a ledger of verified transactions using cryptography, and digital assets include virtual currencies, cryptocurrencies, and other digital-only assets.

The bill said

Under this new law, Oklahoma restricts any attempts to ban or limit the use of digital assets for purchasing legal goods/services or self-custody of digital assets using a self-hosted wallet or a hardware wallet.

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Crypto Payments and Tax Implications in Oklahoma

The bill also ensures that digital asset payments will not be subject to additional taxes or charges based solely on the use of the digital asset.

Moreover, the law legalizes home digital asset mining, which involves using electricity to power a computer or node to secure a blockchain network, and digital asset mining businesses in areas zoned for industrial use.

Even more, discriminatory electricity rates for digital asset mining businesses are now prohibited. The bill permits the operation of nodes to connect to a blockchain protocol and transfer digital assets, without needing a money transmitter license.

Oklahomans can also mine crypto both at home and industrially, complying with local noise ordinances. Additionally, Residents can use crypto to pay for goods and services, and they are protected from paying additional taxes.