Nevada Passes Four New Blockchain Bills to Enhance Crypto Investment and Entrepreneurism

Nevada can certainly be considered a U. S. state that is focused on the development of blockchain technology. This week, the governor of the state, Steve Sisolak, passed a new regulatory sandbox legislation that will be used to support the growth of the tech locally.

The state has been making a real effort in order to introduce bills that could promote the technology locally and help the people who needed to develop their own projects there.

Back in February, the state passed four important bills which marked the beginning of the movement in order to transform Nevada into the crypto state. They were SB161, SB162, SB163 and SB164.

SB161 is focused on the creation of a regulatory sandbox that can be used for emergent technologies via the local Department of Business and Industry. SB162 is the responsible bill for the creation of the “public blockchain” of the state, which would require the governmental agencies to accept documents that are certified electronically via the blockchain technology.

The SB163 bill can be used to authorize businesses in order to store personal records and the SB164 can be used in order to define virtual currencies as a kind of intangible personal property that cannot be subject from some kinds of taxes.

Nevada has been prominent in the blockchain area since 2017. At the time, the state approved the SB398 law and it attracted a significant amount of investment then. This was the first big step that consolidated the idea of the state as an important actor in this regard.

One of the forces behind the changes is the Nevada Technology Association, which has worked a lot in order to expand the education of the technology and the quality of the investments by promoting jobs in the area. The association was also responsible for supporting the creation of the Tech Caucus, a bi-partisan group of state senators that supported these policies.

Another major win for the association was that they led the efforts that were made in order to oppose the SB195 law. This law, known as the Uniform Law for Virtual Currency, would require any kind of company dealing with cryptos to be properly licensed by the Department of Business and Industry if they wanted to make business in the area.

Jackie Morck, the current president of the Nevada Technology Association, has affirmed that the organization is very thrilled to see Nevada moving forward so well. With the help of the legislation, he affirmed, the sector will be able to create new partnerships and develop in the state, which will bring prosperity not only to the companies but to everybody in the state.

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