Nevada made a bold statement to the crypto community this week by announcing that they will ban local governments from taxing or licensing cryptocurrency in by far the most business-friendly statement yet among the states that have begun regulating cryptocurrency. Las Vegas can already claim the world’s most lucrative Bitcoin ATM and soon a strip club with its own cryptocurrency, and Nevada currently offers some of the lowest low electricity rates to corporations in the nation.
The news bears a stark contrast to regulations in the typically tech-friendly Washington State, where businesses seeking to create any kind of exchange or wallet for any virtual currency must apply for a Washington money transmitter’s license in addition to registering with FinCEN at the federal level. Many blockchain businesses have already stopped doing business in the state of Washington, which sends some pretty clear signals about the future of the industry in the United States.
I’m aware that the Dash Foundation has offices in Arizona so Nevada wouldn’t be too far of a move if they wanted to, although I have no reason to believe they’re not perfectly happy where they are. In any case, it will be interesting to see how other states react to the news. The announcement will certainly grab the attention of investors, entrepreneurs, and existing projects alike as a huge influx of crypto businesses could turn some small town in Nevada into the next Palo Alto. It’s too soon to tell but the news sets a hopeful precedent for the crypto community.
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Disclaimer: I’m not a financial expert; this is not and should not be construed as financial advice. Do your own research before investing and never risk more than you can lose!