Ohio Launches Bill to Protect Crypto Payments and Digital Asset Rights!

Jakarta, Pintu News – Ohio has recently introduced a bill that aims to protect crypto payments and digital asset rights.

This bill, known as the Ohio Blockchain Basics Act, is designed to provide protection for activities such as self-storage, mining, and staking, as well as eliminate the need for money transmission licenses for certain transactions.

This initiative marks an important step in the integration of blockchain technology and digital assets in the state’s legal framework.

Protection Against Crypto Payments

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The bill, introduced by Representative Steve Demetriou and supported by several other legislators, stipulates that state and local governments cannot impose additional taxes, fees, or tariffs on digital assets used as payment methods.

This means that digital assets will be treated the same as traditional fiat transactions, where crypto transactions will still be subject to standard taxes such as state tax and sales tax.

Thus, the use of Bitcoin , Ethereum , and other digital assets as a means of payment will get the same legal protection as cash or credit cards. This move is expected to encourage the wider adoption and integration of blockchain technology in the daily economic activities in Ohio.

Digital Asset Rights

In addition, the bill also guarantees the right of individuals to store their own digital assets using hard wallets or self-hosted wallets. This ensures that Ohioans have the freedom to manage their crypto assets without having to rely on third parties.

In addition, the law protects the right to participate in crypto staking and mining without the need for a money transmission license, as long as they comply with local zoning regulations. This measure not only strengthens the security of digital assets but also encourages innovation and participation in the crypto economy.

In doing so, Ohio establishes itself as a state that supports technological advancements and digital privacy.

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Crypto Mining and Institutional Investment

The draft law also allows crypto mining in residential areas, as long as it complies with local regulations. This opens up opportunities for individuals to engage in mining from the comfort of their homes, encouraging the growth of the crypto industry at the local level.

Additionally, this law calls for Ohio’s state pension fund to assess the potential risks and benefits of investing in crypto exchange-traded funds. The results of this evaluation must be reported to the General Assembly within one year, demonstrating the state’s interest in exploring digital asset investments for institutional portfolios.

This shows Ohio’s commitment to not only adopt blockchain technology but also to utilize it in the management of public assets.

Overall, with the introduction of the Ohio Blockchain Basics Act, Ohio is demonstrating its commitment to innovation and adaptation of future technologies.

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This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Cointelegraph. Ohio Introduces Bill to Prevent State Taxes on Crypto Payments. Accessed on February 26, 2025
• Crypto News. Ohio Introduces Bill to Protect Crypto Payments and Digital Asset Rights. Accessed on February 26, 2025