The lawmakers of the House of Representatives in Ohio proposed a draft law to prevent additional taxes on encryption payments, mining processing, deception, and regulation of digital assets and investments by government retirement systems.
Legislative laws are presented
On Monday, legislators in Ohio foot “Oyeio’s Basic Law”, or the House of Representatives Law 116 (HB116), to amend the current legislation and prevent government governments and local governments from imposing additional taxes on encryption assets used as a method of payment.
Under the patronage of actor Steve Dimitrio and participated in his sponsorship of Tex Fisher, Brian Lorenz, Tae D. Matthews, Ryoridan Makkalin, and Josh Williams, Bell 116 aims to prevent the General Assembly from “a draft law that proposes fees, tax, tax, evaluation, or another change on the digital assets used as a means of paying goods and services.”
Ohio lawmakers introduce House Bill 116. Source: LegiScan
If passed, HB116 will still allow fees, taxes, assessments, or other fees that usually apply to legal tender transactions to encryption transactions.
It also requires the absence of a political division or a government agency to prevent the residents of Ohio state from accepting digital assets such as paying goods and services or shortening them from custody of their encrypted assets using self -hosted devices or portfolios.
According to the proposed bill, individuals are not required to obtain a money -sending license to engage in encryption or supplication mining or exchange encrypted assets for another digital asset, while companies that provide mining or residence services “will not consider” the provision “of the security or investment contract.”
Moreover, there will be a need for pension funds in the country to assess the potential risks and benefits of investing in ETFS and writing a report for the General Assembly within a year.
Ohio continues efforts to legislate encryption
This step follows other similar proposals from legislators in Ohio, including the former Senate in Ohio Niraj Antani, 317 Senate last September.
If approved, the draft law has asked the state to accept digital assets for government taxes and fees payments and allow government institutions and pension funds to invest in digital assets. However, according to LEGISCAN, the draft law submits only 25 % before dies in the committee.
Moreover, the representative of Ohio Derek Mirin submitted a bill in December to create a BTC reserve within the Treasury.
The “Ohio Bitcoin Reserve”, or the Parliament’s Bill 703, aims to establish a dedicated fund within the Ministry of Treasury in Ohio and provide the treasurer with a legal framework that allows them to buy and preserve BTC.
Recently, the Senator Ohio Sandra Opion has submitted the Senate Law 57, a second Bill to allow the state to invest in Bitcoin and create a “Ohio Bitcoin Reserve Fund”. If approved, the proposed legislation will require Bitcoin investments in the state for a period of five years.
Senate Assure“The encryption world here, and Ohio should be a leader.
Bitcoin trades at $88,960 in the one-week chart. Source: BTCUSDT on TradingView
Distinctive photo of Unsplash.com, Chart from Tradingview.com
