Ohio House Approves Bill Exempting ‘Bitcoin Users’ From Minor Tax Burden

The Ohi Representative House voted on Wednesday to move forward with a new crypto proposal for a law that seeks several protectors for participants in the industry, progressing it in the legislative chain and approaching the law.

If Governor Mike Dewine signs him into the law, the Law on Blockchain Ohio Basics would ban state and local self-government to limit the use of digital assets as payment or interfering with the use of hardware wallets of individuals or “self-assembly”.

This would also allow digital asset mining by individuals in residential areas, in accordance with local regulations, and enabled mining companies to work in industrial zones if they meet existing requirements.

This goes even more by prohibiting local self -government resonation of the area with mining companies without giving appropriate notifications and opportunities for comment, and these companies approve of complaint with the discriminatory zoning actions.

Individuals involved in mining, investing, exchange of property or operation of the blockchain junction would be excluded from the Law on the Transmitter of Money, Security and Investment.

Exemptions from capital gains will also be applied to any crypto transaction with a value below $ 200. After 68-26 votes, House Bill 116 Now it is moving to the state Senate for consideration.

Change of tide

Ambassador Steve Demetriou sponsored, HB 116 was first presented in February and progressed from the Committee on Technology and Innovation in the House before winning the full house approval on Tuesday.

Legislation on Wednesday comes just a day after the US Senate brought a large reform of Stablecoin within the box An ingenious act In Washington, DC, as a crypto regulation throughout the country this year it continues to cope firmly.

It also indicates the latest state laws adopted to codify the rights for users and providers of the cryptocurrency services, after Kentucky passage and Bitcoin and Ethereum Law on Self -Prophet in March.

“We are preparing to show the country that Ohio is ready to accept the future of our economy and blockchain technology and digital assets,” Demetriou said before voting.

“Once we bring this account, we will become one of the first countries in the country to create a regulatory framework for these top technology and industry,” Demetriou added.

Other countries that consider new crypto regulations include Arizona,, Florida,, California,, Texasand Wyoming.

The Satoshi Action Fund, which is committed to reforming the Crypto Policy at the state level, praised the passing of the law on Wednesday via home.

This is the “clear signal” legislators start to come with the idea of ​​protecting participants’ rights in the industry, while “encouraging innovation in Buckeye,” said Dennis Porter, CEO and co-founder of Satoshi Action Fund, said Decipher.

The 200 dollar exemption has also marked “a healthy condition that helps daily Bitcoin users to avoid unnecessary tax complexity.”

“I am optimistic that this momentum will continue in Senate and I look forward to that Ohio will appear as a national leader in Bitcoin and Digital Asset politics,” he said.

The office of representative Steve Demetriou did not respond to Decrypt’s comment requests.

Edited Sebastian Sinclair