Ohio has passed House Bill 116, known as the Ohio Blockchain Basics Act, aimed at supporting cryptocurrency operations and safeguarding mining activities.
Key Provisions of the Bill
The HB 116 exempts cryptocurrency transactions under $200 from capital gains tax. This threshold will increase annually in line with inflation. It also prohibits state agencies from restricting the acceptance of cryptocurrency as payment.
Support for Crypto Mining
The bill allows cryptocurrency mining in residential areas as long as local regulations are followed. Mining businesses that comply with the rules can operate in industrial zones without undue interference, and it protects miners from discriminatory rezoning.
Overall Significance of the Bill for Ohio
HB 116 represents a significant step towards fostering a supportive environment for cryptocurrency usage and innovation in Ohio, highlighting increasing legislative interest in digital assets across U.S. states.
Thus, the passage of HB 116 underscores Ohio's commitment to fostering a favorable environment for cryptocurrencies and their applications in business.
