In U. S. the state of Wyoming passed a bill which will provide cryptocurrencies to be recognized as cash on January. 31, As per the state legislature website. On Jan. 18, Wyoming legislation presented the bill, which might help to clarify the classification of cryptocurrency.

As reported by Top Market Group earlier this month, the bill will place crypto assets into 3 categories: digital consumer assets, digital securities, and virtual currencies. Any digital assets that fall into those 3 categories will be defined as intangible personal property, granting virtual currencies the same treatment as fiat money.

The proposed bill additionally authorizes banks to “provide custodial services for digital assets in line with this section upon providing sixty (60) days written notice to the commissioner.” The bill will go in effect on Mar. 1, as explicit on the Wyoming legislature website.

With Wyoming passing the bill into law to acknowledge cryptocurrency as money, different nations around the world still are unclear on where cryptocurrency falls. Mexico and Denmark still view cryptocurrency as an unregulated asset, whereas Germany and Japan treat cryptocurrency like cash, as per a recent report by Top Market Group.

The state of Wyoming has been showing continued efforts to become a crypto hub in the U.S. Earlier this month; Top Market Group reported that Wyoming has introduced additional crypto-related bills into legislation for consideration to assist further the regulation of cryptocurrencies.

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