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20 USDT
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KENTUCKY IS STANDING OUT WITH CRYPTOCURRENCY-FRIENDLY LEGAL REGULATIONS
#GateOpinionQuest #CryptoObservers
Kentucky Governor Andy Beshear signed House Bill 701 (HB 701) into law on March 24, 2025, implementing significant regulations regarding cryptocurrency use in the state. This law secures individuals' rights to store and manage cryptocurrency in their own digital wallets and prevents local governments from enacting discriminatory regulations against cryptocurrency mining operations. Additionally, it states that mining and staking services will not be considered securities under Kentucky law.
HB 701 was unanimously approved in the Kentucky House of Representatives with a vote of 91-0 and in the Senate with a vote of 37-0. The law also exempts those who wish to operate blockchain nodes and engage in staking activities from the state's money transmission regulations.
Additionally, the Kentucky State Assembly is evaluating House Bill 376 (HB 376), which aims to create a reserve for digital assets in the state. This law stipulates that the State Investment Committee should invest 10% of excess state reserves in digital assets with a market value of over $750 billion.
These legal regulations aim to position Kentucky as a crypto-friendly state, promoting the adoption of blockchain technology and digital assets.
#gateio #escoin #elg