Nevada Senate Law

[Darrylld]

In June of this year, Nevada, a state in the United States passed a law protecting companies operating blockchain tech from outside tax, regulation or license. Is there any other places like this, where its basically a free trade zone.

https://www.leg.state.nv.us/Session/79th2017/Bills/SB/SB398.pdf

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[1714797776]

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[Hexah]

That is a good state offering a free trade zone and protecting that operates blockchain technology and never imposed some taxes. But my problem is it okay if they don't have a license or maybe I'm wrong in my perception from what you've written here? I think it would be best that theydo  have a license to operate such companies, because if many investors would be interested to it, maybe they would be at risk if that happens.

I think Korea and Japan is the place that offering such law I supposed but I'm not that sure, but you can search for it on the web.

[The Sceptical Chymist]

Why am I not surprised it's Nevada that's doing this?  They're so freaking liberal, they put California to shame--it's hard to believe they're so geographically close to Texas.  Plus they're the "silver state" and have been proponents of hard money and all that sort of thing for many years.  Utah as well.

It really surprises me that the US government hasn't stepped in to regulate crypto, other than the IRS defining it as an asset and thereby making it such a pain in the ass for tax purposes.  Doesn't that kind of suggest that maybe the gov't had a hand in its creation?  Makes me wonder, anyway.  I find it hard to believe they're so caught off guard by bitcoin that they don't know how to regulate it, or that they wouldn't pass more laws regarding it than they have.

Or maybe it's way past my f______g bedtime and I've no idea what I'm saying. 

[rjbtc2017]

In June of this year, Nevada, a state in the United States passed a law protecting companies operating blockchain tech from outside tax, regulation or license. Is there any other places like this, where its basically a free trade zone.

https://www.leg.state.nv.us/Session/79th2017/Bills/SB/SB398.pdf

Why i feel that this is suspicious or i jam ust overthinking?.  I do love this law but they will get criticized not just by the other states but also the international law and outer countries that regulates ICO. IMO, The possibilities of this criticism may push for a harder law and regulations in cryptocurrency.

[GreenBits]

In June of this year, Nevada, a state in the United States passed a law protecting companies operating blockchain tech from outside tax, regulation or license. Is there any other places like this, where its basically a free trade zone.

https://www.leg.state.nv.us/Session/79th2017/Bills/SB/SB398.pdf

i wonder if, like local marijuana laws vs federal marijuana law, there will be a conflict if they ever have an issue and need to enforce. i applaud them for trying to make a safe haven for crypto, like Delaware is for the corporation

this is actually low key genius here. unless other states follow suit, eventually they will start attracting major companies that traffic in bitcoin but dont want to deal with the high cost of doing business in California. its frustrating to me that bitcoin is supposed to be so global, yet the overwhelming majority of bitcoin companies exist out of California, at least here in the States. if they can incentivize these type businesses, their tax income should be just great.

hell, I would protect businesses from additional taxes too, if they would pay me some of the difference  

[Nameless27]

Nevada has this kind of an orthodox way of supporting bitcoin and most state might not agree with it. I don’t how they can handle the pressure from the financial sectors in that state or they just really care more on the choice and freedom of its people. That’s a good news by the way and thinking about them as something special. Hoping this would be not temporary and those officials will not changeable in time.

[Darrylld]

Why am I not surprised it's Nevada that's doing this?  They're so freaking liberal, they put California to shame--it's hard to believe they're so geographically close to Texas.  Plus they're the "silver state" and have been proponents of hard money and all that sort of thing for many years.  Utah as well.

It really surprises me that the US government hasn't stepped in to regulate crypto, other than the IRS defining it as an asset and thereby making it such a pain in the ass for tax purposes.  Doesn't that kind of suggest that maybe the gov't had a hand in its creation?  Makes me wonder, anyway.  I find it hard to believe they're so caught off guard by bitcoin that they don't know how to regulate it, or that they wouldn't pass more laws regarding it than they have.

Or maybe it's way past my f______g bedtime and I've no idea what I'm saying. 

This law was lobbied from northern California. Reno is like 1 hour from Sacramento. The real ones to benefit are the Las Vegas based companies, where regulation is insane, from liquor, to gaming to marijuana.

[Lieldoryn]

Nevada has this kind of an orthodox way of supporting bitcoin and most state might not agree with it. I don’t how they can handle the pressure from the financial sectors in that state or they just really care more on the choice and freedom of its people. That’s a good news by the way and thinking about them as something special. Hoping this would be not temporary and those officials will not changeable in time.

It seems to me that this is not the end of the story. In America the courts have very much power. Maybe somebody is preparing a lawsuit to overturn the law. It seems to me that this was not done immediately because the government Trump is now busy with the problems of accusations of collaboration with the Russians. Perhaps they paused for a moment to the example of one state to assess the threat from bitcoin to the entire economy.

[Nameless27]

Nevada has this kind of an orthodox way of supporting bitcoin and most state might not agree with it. I don’t how they can handle the pressure from the financial sectors in that state or they just really care more on the choice and freedom of its people. That’s a good news by the way and thinking about them as something special. Hoping this would be not temporary and those officials will not changeable in time.

It seems to me that this is not the end of the story. In America the courts have very much power. Maybe somebody is preparing a lawsuit to overturn the law. It seems to me that this was not done immediately because the government Trump is now busy with the problems of accusations of collaboration with the Russians. Perhaps they paused for a moment to the example of one state to assess the threat from bitcoin to the entire economy.

Sad to hear if that is even in their plans. Hope it will settle best on between the bitcoiners and the government. As most of them might look at the popularity of bitcoin now they will understand that doing laws against it won’t make a good impact on they’re polical career. I’ve observed much about American culture they won’t make foolish things without the support of majority of its people.

Every bitcoiners might need to come out on they’re social media to support Nevada’s law for other to notice and recognized.

[leonair]

Any Government in the world can really regulate and control their citizens if they want to but people have their own rights too mostly with those democratic countries, we all know that since the beginning of time Governments and authorities tend to give taxes to people that is earning withing the vicinity of their lands and with that I am not against as long as the Governments is not breaking the law in getting too much to some individual.

[J. Cooper]

In June of this year, Nevada, a state in the United States passed a law protecting companies operating blockchain tech from outside tax, regulation or license. Is there any other places like this, where its basically a free trade zone.

https://www.leg.state.nv.us/Session/79th2017/Bills/SB/SB398.pdf

i wonder if, like local marijuana laws vs federal marijuana law, there will be a conflict if they ever have an issue and need to enforce. i applaud them for trying to make a safe haven for crypto, like Delaware is for the corporation

this is actually low key genius here. unless other states follow suit, eventually they will start attracting major companies that traffic in bitcoin but dont want to deal with the high cost of doing business in California. its frustrating to me that bitcoin is supposed to be so global, yet the overwhelming majority of bitcoin companies exist out of California, at least here in the States. if they can incentivize these type businesses, their tax income should be just great.

hell, I would protect businesses from additional taxes too, if they would pay me some of the difference  

That's actually a pretty interesting way to look at it. By lawfully giving companies 'carte blache' when it comes to blockchain tech they will attract practically every start up in the future. At least if other states don't follow Nevada. Very clever. This is exactly how you should treat the blockchain technology and crypto currency. Support and benefit from it instead of trying to shut it down.

[Darrylld]

In June of this year, Nevada, a state in the United States passed a law protecting companies operating blockchain tech from outside tax, regulation or license. Is there any other places like this, where its basically a free trade zone.

https://www.leg.state.nv.us/Session/79th2017/Bills/SB/SB398.pdf

i wonder if, like local marijuana laws vs federal marijuana law, there will be a conflict if they ever have an issue and need to enforce. i applaud them for trying to make a safe haven for crypto, like Delaware is for the corporation

this is actually low key genius here. unless other states follow suit, eventually they will start attracting major companies that traffic in bitcoin but dont want to deal with the high cost of doing business in California. its frustrating to me that bitcoin is supposed to be so global, yet the overwhelming majority of bitcoin companies exist out of California, at least here in the States. if they can incentivize these type businesses, their tax income should be just great.

hell, I would protect businesses from additional taxes too, if they would pay me some of the difference  

That's actually a pretty interesting way to look at it. By lawfully giving companies 'carte blache' when it comes to blockchain tech they will attract practically every start up in the future. At least if other states don't follow Nevada. Very clever. This is exactly how you should treat the blockchain technology and crypto currency. Support and benefit from it instead of trying to shut it down.

That is what I was thinking

[iamTom123]

That is a good state offering a free trade zone and protecting that operates blockchain technology and never imposed some taxes. But my problem is it okay if they don't have a license or maybe I'm wrong in my perception from what you've written here? I think it would be best that they do have a license to operate such companies, because if many investors would be interested to it, maybe they would be at risk if that happens. I think Korea and Japan is the place that offering such law I supposed but I'm not that sure, but you can search for it on the web.

Of course, fintech companies operating business in the jurisdiction of Nevada still need to get their respective and appropriate business permits. No law can be made exempting any legal entity (even charitable ones) from obtaining the required permits.

The state is just giving more benefits to these companies so that maybe they can be encouraged to base their operations in the said location. Actually, this is already a good start for these companies and I am sure that the fintech industry would be happy about it. Different places right now are competing for business so it would be good for other states to also lay down on the table what they can offer. We are hoping that other states can be encouraged to follow the lead of Nevada.

Right now, there is no denying that blockchain technology created an unstoppable buzz everywhere even in countries located in Africa. years from now, we could see this strong movement metamorphosed into something great...one that is really helping many people as we are battling so many evils and inequalities in our society (though don't get me wrong as blockchain is not the panacea we are looking for but a big revolution in itself).