New Cryptocurrency Law in Ohio: Protecting Ownership and Mining Freedom
Key Information about Bill HB 116
On June 18, the Ohio House Technology and Innovation Committee unanimously voted to pass Bill HB 116 with 13 supporting votes. This legislation carries significant meaning in the cryptocurrency field, focusing on protecting individual autonomy in managing their digital assets.
Digital Asset Self-Custody Rights
The bill emphasizes individuals' rights to self-custody cryptocurrency without intermediary third parties. This law aims to promote blockchain network node operation and mining, creating favorable conditions for creators and energy mining companies.
Special Tax Benefits and Economic Advantages
Beyond protecting ownership rights, HB 116 also exempts tax profits from cryptocurrency transactions, specifically waiving $200 for each digital asset transfer. This policy helps promote the development of investor communities and businesses in Ohio's blockchain industry.
New Law's Impact on Cryptocurrency Community
The new law's implementation will establish a more friendly legal environment, minimizing legal risks and increasing transparency in cryptocurrency mining and trading activities. This is also seen as a significant step toward Ohio becoming a blockchain and digital technology center in the region.
Future Development of Ohio's Blockchain Market
With state government support, cryptocurrency projects in Ohio are expected to grow rapidly. Local and international investors will have more opportunities to explore market potential than ever before, contributing to strengthening the state's position in the global blockchain community.
