United States of America: Implemented Act on blockchain and digital assets mining (HB 3594)

On 1 November 2024, the Act addressing blockchain and digital asset mining (HB 3594) enters into force. The Act aims to safeguard digital asset usage in Oklahoma by preventing government restrictions on their legal purchases or self-custody. It establishes measures to ensure that digital asset payments are not subject to additional taxes or charges compared to other methods. The Act permits home digital asset mining in residential zones adhering to local noise ordinances. Industrial zone businesses engaged in digital asset mining are able to operate without specific noise restrictions beyond existing regulations. Miners are classified as data centres under this Act to ensure consistent treatment with other data-related operations. The Act prohibits political subdivisions from imposing 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 also exempts digital asset miners, node operators, and blockchain stakers from requiring a money transmitter license. Finally, the Act prohibits discriminatory electricity rates aimed at crypto-mining businesses, ensuring access to energy at rates comparable to those of other industries.