Oklahoma Governor Kevin Stitt recently signed legislation creating a comprehensive legal framework for blockchain technology offering protections for the state’s cryptocurrency miners.
State Representative Brian Hill spearheaded the new legislation, known as House Bill 3594, which will go into effect November 1, 2024. This legislation establishes Oklahoma as one of the first states in the United States to formalise blockchain operations under its legal framework.
Key Provisions of the New Crypto Legislation
The law ensures that the use of digital assets for legal purchases or self-custody is free from undue restrictions by the state government. It also exempts digital assets used in transactions from facing any additional taxes or charges that are not applicable to other payment methods.
For individuals and businesses involved in home mining of digital assets, the law legitimizes their operations within residential zones, provided they comply with local noise ordinances. Additionally, digital asset businesses operating in industrial zones will not be subjected to specific noise limits beyond existing regulations.
Under the new legislation, crypto miners are recognized as data centers, which means political subdivisions cannot impose on mining companies any requirements that are not also applicable to traditional data centers.
This includes the protection against discriminatory electricity rates, ensuring that miners have access to energy at rates comparable to other industries. Furthermore, the bill clarifies that operating blockchain nodes or engaging in digital asset mining does not require a money transmitter license, fostering a more favorable environment for blockchain technology and its applications across Oklahoma.
