Wyoming may not be globally recognized as a thriving hub of technological development, but that doesn’t mean that The Equality State doesn’t have plenty to show for itself when it comes to cutting-edge digital regulations. As a matter of fact, recent political developments in Wyoming have made is substantially safer for newcomers to the cryptomarketplace to develop their own cryptocurrencies, despite the fact that many cryptoinvestors are unaware of this.
Here’s how Wyoming is making it safer to develop cryptocurrencies, and why we shouldn’t dismiss it when it comes to future thriving marketplaces for cryptocurrencies and blockchain-based technologies.
State laws vary widely
It goes without saying that state laws vary widely regardless of which topic is being discussed, but when it comes to cryptocurrencies in particular the differing regulations across state lines can become a dizzying nightmare even for the most knowledgeable cryptoenthusiasts. In order to understand recent developments that have occurred in Wyoming and others that are sure to occur there in the future, it’s worth turning to local expertise that can elucidate the situation as it currently is on the ground.
Enter Caitlin Long, the president of the Wyoming Blockchain Association, who recently appeared on the popular What Bitcoin Did podcast in order to share her thoughts about recent and forthcoming legislation in Wyoming centered around blockchain technology and cryptocurrencies. In her podcast appearance, Long mentioned that two specific state laws are set to radically reshape the cryptomarketplace in Wyoming to the benefit of consumers everywhere.
Long posits that Wyoming law will soon protect individuals from being compelled to disclose access to their private keys, for instance, something that many cryptoenthusiasts will doubtlessly be thrilled to hear. This is because many people who are interested in blockchain technology and popular digital tokens are often explicitly interested in these nascent innovations because they enable them to make private transactions without regulators poking their noses into everyone’s business.
A second law that Long mentioned will be more relevant to cryptodevelopers than it will be to those interested in holding coins; Long posits that open-source developers will soon be afforded legal protections from being prosecuted on the basis that the code they wrote was misused by someone else. This kind of protection is long overdue, not only in Wyoming, but internationally, as few developers can reasonably be held accountable for the actions of nefarious actors who take their legitimate products and use them for illegitimate purposes.
You’ll need to keep up to date
If you’re really interested in learning about how Wyoming is making it safer to develop cryptocurrencies, you’ll want to familiarize yourself with a good SEO service, news sources, and important officials across that state who can update you the moment a new development occurs. The fact that more U.S. states are considering rolling out additional cryptocurrency regulations is worrying news or excellent news, depending upon your position in the market and industry, but regardless of your stance being informed is always going to be important.
It was only earlier this year that Wyoming passed an official state law recognizing cryptocurrencies as valid currency, yet many cryptoenthusiasts across the state have been faced with a dearth of information when it comes to their hobby or financial interest. As legislators build upon the recently-established legal precedent, it will become more and more difficult to understand the lay of the cryptocurrency marketplace unless you’ve already familiarized yourself with reliable sources of information and the major players changing state regulations.
Wyoming is fast-becoming a safer place to develop cryptocurrencies in no small part because of forthcoming laws that will protect consumer privacy while ensuring developers aren’t held accountable for wrongdoings they had nothing to do with. As cryptocurrencies continue to become more popular, hopefully other states follow this example.
