The Governor of Texas signed into law amending and adapting commercial law to account for blockchain and digital assets, and defining virtual currencies.
Late last week, Texas Governor Greg Abbott signed into law legislation to create a legal framework for cryptocurrencies and blockchain. The law is intended to attract tech companies in the industry to Texas, as envisioned by lawmakers and state officials.
The new law amends the state’s Unified Commercial Code and adapts commercial law for blockchain and digital assets, as well as formal definitions of virtual currencies and a regulatory framework for individuals and businesses to invest in cryptocurrency.
“Blockchain is a fast-growing industry that needs to involve Texas. I just signed into law a master plan to expand the blockchain industry in Texas. ” reported on Twitter for the governor of the state.
According to the US legislative framework, 25 states are currently considering blockchain and / or digital asset measures in their 2021 legislative sessions.
In April, Wyoming recognized Decentralized Autonomous Organizations (DAOs) as a new type of limited liability company. The law will come into force on July 1, 2021. In addition, in May it became known that the state of Nebraska may allow banks to provide services for the storage of cryptocurrencies.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
