State legislature of the U.S. state of Wyoming has reportedly passed two new house bills that aim to foster a regulatory environment conducive to crypto and Blockchain innovation

Wyoming is moving forward in order to regulate the cryptocurrency space and welcome new companies to the state. A new bill has been approved that would allow blockchain startups to operate within a regulatory sandbox.

At the same time, another bill will be broadening the utility token language creating a new class of property. The information was released by the president of the WyomingBlokckchain Coalition, Caitlin Long, on Twitter.

The House Bill 057 will be creating a financial regulatory ‘sandbox’ that will be supervising and testing how blockchain and crypto companies work in the space. This would allow new companies and interested crypto firms to enter the market in Wyoming. They expect to attract new talented people to the state.

The House Bill 62 is a bill that aims at establishing a new asset class. At the same time, it defines open blockchain tokens that have specified consumptive characteristics such as ‘intangible personal property.’

The bill reads as follows:

“The open blockchain tokens governed by this act do not constitute securities because a person who is sold a consumptive open blockchain token cannot receive a cash payment or share of profits from a developer or business, but will instead receive a fixed amount of consumable services, content or property.”

Back in 2018, the Wyoming Senate and the House of Representatives have also passed the House Bill 70. This specific bill was implemented to reduce securities regulations and mone transmission laws for specific tokens. In general, this was approved to have an effect on Initial Coin Offerings (ICOs) and tokens issued by these firms.

There are different countries and states that are starting to promote new laws and regulations for digital currencies. The U.S. Securities and Exchange Commission (SEC) has been issuing enforcement actions against different ICO companies such as Paragon and Airfox.

The crypto space and blockchain industry are waiting to have a proper regulation where to operate. Countries such as Malta or Switzerland are already providing the best regulatory frameworks for companies to settle their operations.

Also read: India’s second largest private sector bank by market cap is allegedly requiring account holders to refrain from dealings in crypto