A new bill in Ohio seeks to protect cryptocurrency users' rights and remove additional taxes on crypto payments.
Key Provisions of the Bill
On February 24, Representative Steve Demetriou, along with colleagues, introduced the Ohio Blockchain Basics Act. The bill protects activities like self-custody, mining, and staking while exempting certain crypto transactions from money transmission licensing requirements. A major aspect of the bill prevents state and local governments from imposing extra taxes, fees, or charges on digital assets used as payment methods, treating them like traditional fiat transactions. However, crypto transactions would still be subject to standard taxes such as state and sales taxes.
Digital Asset Ownership Rights
The bill ensures that individuals have the freedom to self-custody their digital assets using hardware or self-hosted wallets. It also protects the right to participate in crypto staking and mining activities without requiring a money transmission license, as long as local zoning regulations are adhered to. Additionally, the bill ensures no state agency or political subdivision can prohibit individuals from accepting digital assets as payment for goods and services.
Crypto Investments for Pension Funds
The bill calls for Ohio's state retirement funds to assess the potential risks and benefits of investing in cryptocurrency exchange-traded funds. The findings from this evaluation must be reported to the General Assembly within a year, highlighting the state's growing interest in exploring digital asset investments for institutional portfolios.
Ohio lawmakers are actively pushing crypto-related legislative initiatives, showing increasing interest in digital assets and their regulation in the state.
