Enacted currency will be taxed in the proposed new law in Vermont

nRunaway Comment: Public records in the United States show that a Vermont state legislator proposed a bill to create a new regulatory framework for the use of blockchain technology. In addition to mandating the reporting of cryptocurrencies and blockchains, the act specifically mentions how the state classified certain companies as “digital currency limited liability companies.” And if the act is approved, these companies will be required to pay a transaction tax amounting to $ 0.01 in the form of digital currency whenever new cryptocurrencies are created, traded, or transferred.n
nTranslation: Clovern
A Vermont state lawmaker introduced a bill to create a new regulatory framework for the use of blockchain technology.n
Public records show that Alison Clarkson filed the bill on January 3, after which it has been forwarded to the Economic Development, Housing and General Affairs Commission.n
In addition to mandating the reporting of cryptocurrencies and blockchains, the bill also sets out in particular how the state classified certain companies as “digital currency limited liability companies,” especially those that operate their own networks.n
If the act is approved, the companies will be required to “pay a transaction tax amounting to $ 0.01 in the form of digital currency” whenever new cryptocurrencies are created, traded or transferred.n
Act reads: “Digital Currency LLC is tax-free, while other companies apply the bill.” The bill begins:n
n”The act aims to implement strategies relating to blockchain, cryptocurrency and financial technology in order to: improve regulatory efficiency; achieve commercial organizations and governance structures that may increase opportunities in the area of ​​financial science and technology; and promote public and private sector support for financial technology Education and adoption. “n
nThe act also outlines the company’s measures to protect the underlying protocol for specific cryptocurrencies. These companies “may take any reasonable algorithmic approach to the consensus process” and “provide alternatives to new procedures for the revision of consensus or compliance with the law as required”.n
Given the interest shown by state legislators in this area in the past, it is not surprising that this bill should be submitted. In June, the state legislature approved a blockchain study to try to assess how the state’s job market will be affected. In 2016, lawmakers eventually finalized a law that made blockchain data evidenceable in court.n
Clarkson’s new bill also calls for a “summit in finance and technology” to bring together state and industry stakeholders to examine how Vermont can promote the broader use of this technology. In addition to the sponsorship of the Commerce and Community Development Agency, the state will also invest 25,000 to fund the event.n

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