Montana State Bill that Classify Crypto as a Personal Property Passes Final Hearing

The Montana State House of Representatives has now passed a crypto bill that classifies crypto as “personal property” on April 13 after 64 members voted for it while another 35 voted against it. With the new legislation, the state intends to legalize cryptocurrency mining and protect the rights of miners in the state.

The Montana State Bill dubbed SB 178 was introduced by Republican Senator Daniel Zoinikov in November 2022. Notably, the pro-crypto bill which has overwhelming support from lawmakers will become law after the state governor, Governor Greg Gianforte signs it. 

Interestingly, the bill will put an end to the extra taxes on the use of crypto as a payment method and would regard cryptocurrencies, digital assets, and Non-fungible Tokens (NFTs) as personal property, including other financial products. Organizations operating within the state borders will also be entitled to certain benefits.

Bill to Protect Crypto Miners’ Rights

Additionally, the proposed law will take power from local governments, preventing them from using zonal law to stop mining operations. In the same vein, the law will put an end to discriminating electricity rate that is charged to crypto miners and also serves as a protection against mining that takes place in homes, thereby allowing miners freedom to carry out mining operations. 

Recall that in February, Montana’s senate also passed a crypto bill dubbed “Right to Mine” after 37 members voted for it while another 13 voted against it. The bill aims to protect crypto miners from a range of possible actions against the industry.

Activities of crypto miners globally and in the United States, in particular, have always come under criticism especially as it regards energy consumption as well as environmental concerns. However, once the “Right to Mine” bill becomes law, it will encourage mining activities and show that Montana is willing to embrace the digital asset mining industry.

Meanwhile, as reported by thecoinrise.com, President Kassym-Jomart Tokayev, the leader of Kazakhstan signed a new law to push out unlawful mining operations in the region. Also, digital assets issuers that have been deemed secured must receive authorization from the government before proceeding to roll out their services. This law was introduced to stop illegal transactions, although the law will not nullify the existing crypto law of Kazakhstan.