Description

Signed Act on blockchain and digital assets mining (HB 3594)

On 13 May 2024, the Act addressing blockchain and digital asset mining (HB 3594) was signed into law by Oklahoma's Governor. The Act aims to safeguard digital asset usage in Oklahoma by preventing government restrictions on their legal purchases or self-custody. It also ensures that digital asset payments are not subject to additional taxes or charges compared to other methods. The Act will permit home digital asset mining in residential zones, adhering to local noise ordinances. Industrial zone businesses engaged in digital asset mining will be able to operate without specific noise restrictions beyond existing regulations. Miners will be classified as data centres under this Act to ensure consistent treatment with other data-related operations. The legislation will prohibit political subdivisions from imposing unique requirements on digital asset mining companies. Furthermore, the Act aims to protect individuals and businesses involved in crypto mining or node operation from liabilities related solely to transaction validation. The Act will also exempt digital asset miners, node operators, and blockchain stakers from requiring a money transmitter license. Finally, the Act will prohibit discriminatory electricity rates aimed at crypto-mining businesses, ensuring access to energy at rates comparable to those of other industries.

Original source

Scope

Policy Area
Authorisation, registration and licensing
Policy Instrument
Authorisation of goods or services
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Implementation Level
subnational
Government Branch
executive
Government Body
central government

Complete timeline of this policy change

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2024-02-19
under deliberation

On 19 February 2024, the Act addressing blockchain and digital asset mining (HB 3594) was introduce…

2024-05-07
adopted

On 7 May 2024, an Act addressing blockchain and digital asset mining (HB 3594) was adopted by the H…

2024-05-13
adopted

On 13 May 2024, the Act addressing blockchain and digital asset mining (HB 3594) was signed into la…

2024-11-01
in force

On 1 November 2024, the Act addressing blockchain and digital asset mining (HB 3594) enters into fo…