Oklahoma Passes Bill to Protect Residents’ Control of Digital Assets
Oklahoma recently approved a bill that safeguards its residents’ right to self-custody their digital assets. The legislation, referred to as OKHB3594, was signed into law by Governor Kevin Stitt and was sponsored by State Senators Bill Coleman and Dana Prieto, as well as State Representatives Brian Hill and Cody Maynard.
The bill prohibits any limitations or prohibitions on the use of self-custody or hardware wallets for storing digital assets. This ensures that individuals in Oklahoma have the freedom to maintain control over and protect their own digital assets without interference from third parties.
Moreover, the new law permits Oklahomans to partake in both home-based and industrial crypto mining, as long as they comply with local noise regulations.
Effective from November 1, 2024, the self-custody bill includes a notable provision exempting crypto miners from obtaining a money transmitter license. This means that individuals engaged in home digital asset mining, running digital asset mining businesses, or involved in staking or staking as a service are not required to acquire a license typically associated with financial transactions.
Additionally, the bill prohibits discriminatory electricity rates for digital asset mining businesses, ensuring fair treatment in terms of energy costs.
The legislation also addresses the use of digital assets as a form of payment. Oklahoma residents can utilize cryptocurrencies to pay for goods and services without being subjected to additional taxes, withholdings, assessments, or charges solely based on the use of digital assets in transactions.
Dennis Porter, the CEO of Satoshi Act Fund, emphasized the importance of the bill in protecting fundamental Bitcoin rights. In a post on X, he wrote, “Without the ability to manage our wealth, we lose control of our destiny and the chance to create better futures for our families. This law ensures that everyone can secure not only their [bitcoin] but all their assets.”
Meanwhile, countries around the world are considering the seizure of crypto assets for tax evasion purposes. South Korean tax officials in Pohang have plans to seize crypto from 5,208 residents who have failed to pay local taxes. The individuals have evaded tax bills worth $370 or more, resulting in the seizure of almost $29 million in coins and fiat in 2023. Similarly, the Spanish Ministry of Finance is working on legislative reforms to the General Tax Law, which would enable the seizure of digital assets to settle tax debts. This move is aimed at giving the Spanish Tax Agency the authority to identify and control crypto assets owned by taxpayers with outstanding debts.