Square Opens BTC Options to Wyoming as Crypto-Friendly Regulations are Passed

Nearly two months after it integrated BTC into its platform, the popular Square Cash App has successfully opened the door for Wyoming users to buy and sell Bitcoin. Square says that it’s working on making its BTC services available to users in New York state next--the platform is in the process of applying for a New York state BitLicense.

Residents of the states of Wyoming, New York, Georgia, and Hawaii found themselves excluded when Square added the options to buy, sell, send, and receive Bitcoin in late January of 2018. The company decided to hold back from offering its BTC-related services to these states because of the tighter crypto regulations within them.

??? Bitcoin buying and selling is now available to our customers in Wyoming!

— Cash App (@CashApp) March 12, 2018

In response to a tweet asking when Square’s BTC options would be available in New York, the company wrote that it was “working on it.”

Wyoming's Legislature is Working to Pass Five Crypto-Related Bills

Wyoming has a long history of being a bit tighter on crypto than the average US state. The popular Coinbase exchange app indefinitely suspended operations in Wyoming in June of 2016; the app has shown no signs of resuming business in Wyoming since.

However, crypto regulation in the state of Wyoming has taken a few interesting turns in recent weeks--as many as five different bills relating to crypto regulation have been making their way through Wyoming's legislative system.

On March 6th, the Wyoming state legislature passed House Bill 70, which exempts certain Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term from money transmission laws and securities regulations. The bill legitimizes the classification of “Utility Token” to coins that make certain criteria.

“It’s very exciting that Wyoming is the first state to define what a utility token is, setting an example of how this could become a standard under federal law,” said Caitlin Long, co-founder of the Wyoming Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term Coalition, in a Forbes report.

Hey @circlepay — why did you exclude #Wyoming from your new app? Wyoming officially EXEMPTED #crypto from its money transmission law last week. Many Wyomingites want access to #bitcoin. You’re missing an opportunity! #noexcuse @Tyler_Lindholm https://t.co/T2TTAHk0lF

— Caitlin Long (@CaitlinLong_) March 14, 2018

Other crypto-related bills making their way through Wyoming’s legal system are House Bill 101, which proposes the legal use of blockchain for corporate record-keeping; House Bill 126, which may be used to support decentralized corporate governance structures; House Bill 111, which would exempt cryptocurrencies from state property taxes; and finally, House Bill No.19, which would exempt virtual currencies from state money transmitter laws.

Should these bills manage to make their way to becoming laws, the state of Wyoming may be well-positioned as a potential hub for blockchain innovation.