The Ohio House of Representative has introduced a bill to ban additional taxes on crypto payment and digital asset rights.
Dubbed Ohio blockchain basics actThe bill underlines safety for activities such as self-coast, mining and stating, while money transmission gives some crypto transactions from licensing requirements.
It was introduced on 24 February by representative Steve Dematryu and fellow MPs Tex Fisher, Brian Lorenz, Ty D. Matthews, Rordan McClane and Josh were co-proposed by Williams.
One of the major aspects of the bill is that it prevents state and local governments from imposing additional taxes, fees, or fees on digital assets used as a method of payment, essentially similar to traditional Fiat transactions He deals with it.
However, the crypto transactions will still be subject to standard taxes, such as any other payment made with state and sales tax, traditional fiat currency.
Regarding digital asset rights, the bill suggests that individuals have the freedom to self-contact their digital assets using hardware or self-hosted wallets. It also protects the right to participate in crypto staking and mining activities without the need for a money transmission license, unless local zoning rules are followed.
In addition, it ensures that no state agency or political subdivision can prevent persons from accepting digital assets as payment for goods and services.
Additionally, the bill allows residential crypto mining to compliance with local ordinances and ensures that zoning changes may not incorrectly target mining businesses operated in industrial areas.
The law also asks Ohio’s state to assess the possible risks and benefits of investment in exchange-traded funds for the retirement fund. The findings of this evaluation should be informed to the General Assembly within a year, which highlights the state’s increasing interest in the discovery of digital asset investment for institutional portfolio.
In Ohio, MPs have consistently pushed for bills related to crypto in the last months, including two bills related to cryptocurrency reserves.
The first representative was introduced by Derek Merin, aimed at establishing a strategic bitcoin reserve for the state. Shortly thereafter, the representative Steve Demetrieu, who led the Ohio Blockchain Basics Act, proposed a second bill, which would allow Ohio to allocate to 10% of their state-controlled funds towards the construction of bitcoin stockpile.
