The state of Wyoming has passed a bill that enables cryptocurrencies to be recognized as money, the state’s 65th legislature announced on their website on January 31. According to the website, Wyoming legislation presented the bill on January 18, making it one of the fastest legislative processes the state has seen this year.
The aim of the bill was to help clarify the process of classification of cryptocurrencies, which was done by introducing categories. The bill requires all crypto assets to be categorized as digital consumer assets, digital securities, or virtual currencies. Any digital asset that falls in either one of the three categories will automatically be defined as intangible personal property. That means that now, under Wyoming law, virtual currencies will be treated the same as fiat currencies.
The bill, which goes into effect on March 1, will also authorize banks to provide custodial services for digital assets.