Kentucky enacts a new law providing legal protections for Bitcoin users and businesses, simplifying the use of digital assets in the state.
Protection of Self-Custody Rights
Kentucky's legislation ensures residents have the right to store and control their Bitcoin and other digital assets without interference. This gives them the ability to securely hold their cryptocurrency and shields them from excessive regulation.
Mining and Tax Benefits
HB701 protects Bitcoin mining operations from discriminatory zoning laws and exempts digital asset payments from additional taxation. These measures create a more business-friendly environment and make it easier to use cryptocurrency as a form of payment.
Bitcoin as a Reserve Asset in the U.S.
Over half of U.S. states, including Wisconsin, are exploring Bitcoin as a reserve asset. Wisconsin led the way as the first state to purchase Bitcoin ETFs, holding $588 million in digital assets by Q4 2024.
The new law in Kentucky strengthens the state's position in digital assets, creating a secure and friendly environment for cryptocurrency use and management.
