Ohio House of Representatives Passes a Comprehensive Crypto Bill, Tax Exempts Transactions Under $200 and Creates a Safe Legal Framework for Mining.
Ohio State has taken another important step to position itself as a leading digital asset center in the US, with the state House of Representatives passing a comprehensive bill related to blockchain and cryptocurrencies. With a vote of 70-26 in favor, Ohio's Blockchain Fundamental Act is designed to remove legal barriers and create a favorable environment for both individual users and businesses operating in this field.
The highlight of the bill is a tax exemption provision for capital gains on cryptocurrency payment transactions valued under $200. This is seen as a practical step to encourage the use of crypto as a common payment method rather than just a pure investment asset.
Specifically, this tax exemption threshold will be adjusted annually according to the inflation rate, reflecting Ohio's long-term strategic vision to maintain the attractiveness and effectiveness of the policy.
In addition to encouraging individual users, the bill also focuses on creating a safe and stable legal framework to protect and attract cryptocurrency mining businesses. The new regulations clarify that crypto mining activities will be permitted in both residential and industrial areas, as long as they fully comply with existing environmental regulations such as noise control and technical standards.
Notably, the law also prohibits local governments from issuing discriminatory regulations that only apply to the crypto mining industry and are not similarly applied to other industries.
Moreover, a highlight of the bill is clarifying regulations related to financial services in the cryptocurrency industry. The bill affirms that activities such as Staking, node operation, or crypto-to-crypto exchanges do not require money transfer service licenses, thereby significantly reducing legal compliance burdens.
More importantly, Ohio's new law clearly states that providing Staking or mining services does not constitute securities issuance, directly opposing the current stance of federal regulatory agencies.
With this move, Ohio is sending a strong and clear message about its readiness to protect and promote innovation in the blockchain field, expecting to strongly attract Capital and talent, thereby contributing to shaping the future of the cryptocurrency industry in the US.
