The state of New Hampshire is about to legalize investment in cryptocurrencies, with the approval of a new law focused on digital assets.
The House of Representatives of the state of New Hampshire, United States, recently approved a bill that seeks to lead the way towards investing in cryptocurrencies. It is awaited for Governor Chris Sununu's signature and approval by the United States Senate for this bill to become official legislation in the state.
If approved, New Hampshire could become the first state in the country to adopt the new version of the Universal Commercial Code (UCC), still in draft, to authorize transfers and investment in popular cryptocurrencies, such as Bitcoin (BTC), within its jurisdiction.
New Hampshire State Representative Keith Ammon, was the one who presented the bill before the House of Representatives, with the aim of giving clarity to the crypto industry and promoting the economy of the future that is built through cryptocurrencies. In 2018, Ammon stated that cryptoassets would revolutionize the global financial system. “We are in the fourth industrial revolution and data is the new oil”, he said at that time.
Other states in the country, such as Tennessee, Colorado, Idaho and Arizona, are also promoting regulatory and financial proposals to advance the adoption of cryptocurrencies. Recently, the President of the United States, Joe Biden, signed an executive order dedicated to the crypto industry, ordering federal agencies to work on the responsible and sustainable regulation of cryptocurrencies, in order to ensure that these new technologies and the crypto ecosystem digital payments are developed and implemented reliably.
It may interest you: The President of the United States signs executive order to regulate cryptocurrencies
New Hampshire creates cryptocurrency commission
New Hampshire is following in the footsteps of Wyoming, considered a paradise for cryptocurrencies and DAO in the United States, to lead the way in digital asset-based investment and innovation.
In mid-February, its governor Chris Sununu ordered the creation of a study commission to delve deeper into the industry blockchain and in its regulation. Sununu said that the emergence of cryptocurrencies and digital assets in payment systems and the global economy, and the market capitalization of almost $2 trillion that these assets have reached, prompt New Hampshire to investigate the current state of the cryptocurrency industry and its underlying technologies to lead its development and promote appropriate regulatory regimes for this ever-growing sector.
New Hampshire is recognized as a leader in promoting modern, competitive state laws, the governor said. Likewise, Sununu said that their legislation can be adjusted to authorize banks and financial institutions to provide financial services based on cryptocurrencies and other digital assets to their clients. The services that banking and financial institutions will be able to provide in the state will be the trade, exchange and custody of crypto assets, the governor indicated in his executive order, although he specified that they will not only be limited to these.
Tax exemption for crypto investors
In August 2017, a bill came into effect that exempts crypto investors and payment operators with crypto assets from paying taxes in the state of New Hampshire. The law, proposed by Ammon and Representative Barbara Biggie, was approved by the Senate in April to “exempt people who use virtual currency from registering as money transmitters”. Ammon has been one of the most influential representatives leading cryptocurrency regulation in the state.
Continue reading: Tennessee could be the first US state to invest in cryptocurrencies and NFTs
