Montana Governor approves crypto bill beneficial for the industry
The crypto bill focuses on introducing certain amendments to present laws that are discriminatory to crypto mining
Hailed as a positive step for crypto mining in Montana, the latest crypto bill to be given the go-ahead by Governor Greg Gianforte would help ease regulatory processes for crypto mining in the state. The crypto bill is specifically targeted at preventing local governments from introducing prohibitory actions for crypto mining.
The crypto bill approved by the Montana Governor states two aspects where miners would be protected; prevention of biased electrical rates for mining firms and prevention of taxation of crypto used in payments.
Thereby, the crypto bill effectively ensures rights for mining firms in the state of Montana, which could act as an encouraging step for the industry.
Partial goals of the bill would include the protection of the mining firms from new laws being discussed in other states, which could be discriminatory for crypto miners.
On the matter of taxation, the crypto bill officially states, “Digital assets used as a method of payment may not be subject to any additional tax, withholding, assessment, or charge by the state or a local government that is based solely on the use of the digital asset as the method of payment.”
Last Updated :
May 05, 23 02:33:19 PM IST