Regulation
Oklahoma passes law to protect Bitcoin mining and self-custody
Oklahoma Governor J. Kevin Stitt signed HB3594, which allows self-custody of Bitcoin by its citizens, fostering an inclusive financial environment.
HB3594 was signed into law by the governor on May 13, placing Oklahoma at the forefront of U.S. efforts to regulate the cryptocurrency industry.
Oklahoma to Allow Bitcoin Mining and Self-Custody
THE new law states that Oklahoma will not ban crypto payments or create taxes or fees for the industry. However, it will allow certain digital asset mining and mining-related activities.
HB3594 will offer crypto users benefits such as self-custody via a wallet and purchase goods or services. Cryptocurrencies will also function as means of payment. Meanwhile, crypto mining will only be permitted if it complies with local requirements.
“It shall be legal in the State of Oklahoma to operate a node for the purpose of connecting to a blockchain protocol or a protocol built on a blockchain protocol and transferring digital assets on a blockchain protocol or participating in staking on a blockchain protocol,” the document notes.
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The Oklahoma Bitcoin Association reported that the state is the first in the United States to legally protect BTC mining and custody rights.
The CEO of Satoshi Action Fund, Dennis Porter, viewed the legislation as positive because it will encourage crypto companies to operate in Oklahoma. He even pointed out that Bitcoin mining could create wind and sustainable energy projects.
“Whether managing intermittency from wind farms or mitigating methane emissions from abandoned oil wells, #Bitcoin mining can monetize wasted and stranded energy, benefiting local infrastructure and generating opportunities in rural areas left behind by the tech boom”, Porter said.
Oklahoma joined 11 other states, including Louisiana, Ohio, Mississippi and South Carolina, have adopted measures to protect Bitcoin. Meanwhile, growing regulatory pressures persist in the United States.
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