Oklahoma passed a bill to protect residents' rights to self-custodial digital assets, including cryptocurrencies, effective November 1.
The legislation is known as OKHB3594It was signed into law by Gov. Kevin Stitt and supported by Republican lawmakers, including state Sens. Bill Coleman and Dana Brito, and state Reps. Brian Hill and Cody Maynard.
The bill expressly prohibits any restrictions or prohibitions on the use or self-holding of digital assets through hardware wallets or self-hosted wallets. It also allows Oklahoma residents to mine cryptocurrencies at home or industrially, provided they adhere to local noise regulations.
The legislation also specifies that individuals involved in home digital asset mining, staking, staking as a service, or operating a digital asset mining business do not need a money transfer license. It also ensures that discriminatory electricity prices are not allowed for digital asset mining operations.
Residents can use cryptocurrencies to purchase goods and services without incurring additional taxes. The bill stipulates that digital assets used as a means of payment will not be subject to any additional taxes, withholdings, assessments, or fees by state or local governments based solely on their use for payment.
Dennis Porter, CEO of the Satoshi Act Fund He praised and praised Bill billed
“The idea that 'we the people' cannot hold our own assets is antithetical to American values. Without the ability to manage our wealth, we lose control of our destiny and the opportunity to create a better future for our families. This law ensures that people can Everyone can secure not only their (Bitcoin) but all their assets.”