Oklahoma has signed a bill into law to protect crypto-related rights. The bill, called HB 3594, was approved by Governor Kevin Stitt on May 13 and will take effect on November 1.
Under the new law, the Oklahoma government cannot prohibit, restrict or impair the use of cryptocurrencies in purchases or the self-custody of cryptocurrencies. This means that residents and businesses can freely use cryptocurrencies for transactions in Oklahoma without worrying about government interference or restrictions.
Additionally, the new law states that state and local governments cannot impose additional taxes or other fees specifically for cryptocurrencies. This is to ensure that the use of cryptocurrencies is not hindered by additional tax burdens. However, this does not mean that cryptocurrencies can be completely tax-free, but should be taxed in accordance with the provisions of legal currency taxes.
The passage of this law is a positive sign for the cryptocurrency community, indicating that Oklahoma is open and supportive of cryptocurrencies. This may attract more cryptocurrency businesses and investors to Oklahoma, thereby boosting the state's economy.