Colorado signs bill to exempt cryptocurrencies as ‘securities’
“THE LEADING STATE FOR BLOCKCHAIN COMPANIES“Colorado Blockchain
Blockchain and cryptocurrency friendly state of Colorado leads the way by taking the step to create a new but somewhat limited cryptocurrency bill that legally exempts them from being considered ‘securities’. BUT only if used for consumptive purposes. This new act called the “Colorado Digital Token Act” (Colorado General Assembly press release).
Colorado leading the way for local businesses and entrepreneurs in blockchain and crypto
It’s great to see how Colorado is taking on blockchain and cryptocurrency fully, and are exploring many different avenues to lead the way and enable new opportunities. In the signed act they state that his will further enable (signed bill):
- “Businesses that use cryptoeconomic systems to obtain growth capital to help grow and expand their businesses”
- “Help make Colorado a hub for companies that are building new forms of decentralised platforms and applications”
Important to note that this is a bill that does not exempt cryptocurrencies as ‘securities’ if bought for “speculative or investment purpose”. The bill is meant to support the use of cryptocurrencies in the daily means of life. As a payment method for local shops and businesses.
By signing this bill to exempt cryptocurrencies as ‘securities’ Colorado wants to show their support for local blockchain and cryptocurrency companies.
“Colorado is open for business, blockchain companies”said Colorado Governor Jared Polis
Examples of this has been plenty in the past years. Go Cryptowise could report that the city of Denver was launching a new blockchain pilot for local elections, using Voatz (somewhat criticized) a company specialising using blockchain in elections.
Additional examples of this:
- Colorado Lawmakers “want the U.S. state to study the potential of blockchain technology in water rights management” (Coindesk).
- Colorado Proposes Accepting Cryptocurrency for Political Campaigns (Cointelegraph).
- And being part of ‘Operation Cryptosweep’ an initiative cracking down on bad actors in cryptocurrency space. Especially those raising capitals in ICOs (Coindesk).
Find more interviews and news here on our blog!