United States – Wyoming has amended its state code to now allow local insurance companies invest in digital assets such as Bitcoin (BTC).
The new law was signed by Wyoming Governor Mark Gordon, and will take effect from July 1, 2020 according to information from the Wyoming State Legislature.
A snippet of the announcement, describes digital assets as “a representation of economic, proprietary or access rights that is stored in a computer readable format, and includes digital consumer assets, digital securities and virtual currency,” which includes cryptocurrencies such as bitcoin.
Furthermore, it defines virtual currency as: “digital asset that is: (A) Used as a medium of exchange, unit of account or store of value; and (B) Not yet recognized as legal tender by the United States government.”
According to U.S. based law firm – Kramer, the amendment is a first provision of its kind in the country; however it is yet to be seen if insurance companies would take advantage of the law.
Wyoming remains one of the most crypto and blockchain-friendly states in the U.S. In the last two years, Wyoming has passed a series of laws, including recognizing cryptocurrency as money and allowing favorable tax treatment of cryptocurrency and blockchain startups, among other measures.