Nevada passed regulatory sandbox legislation aimed at continuing blockchain investment and entrepreneurism in the state. Governor Steve Sisolak signed the “blockchain bills” on June 7 and 13.
These are parcel to a number of bills passed in the state that support the continued growth of financial technology and blockchain. In February of this year Nevada legislators introduced a suite of bills designed to promote blockchain adoption.
- SB161 – Creates a regulatory sandbox for emerging technologies companies through a program in the Department of Business and Industry.
- SB162 – Creates a definition for “public blockchain” within Nevada Revised Statutes and requires government agencies to accept electronically certified documents, including those on a blockchain.
- SB163 – Authorizes businesses to store and maintain corporate records on a blockchain.
- SB164 – Defines virtual currencies as intangible personal property and therefore exempts them from personal property taxation.
The state’s attitudes to the emerging technology were truly cut in 2017, after the successful passage of SB398 attracted significant blockchain investment to the state.
The most recent deregulatory legislation was lobbied for and supported by the Nevada Technology Association (NVTA), which worked with industry representatives to expand technology education, innovation, and investment to further diversify the state’s economy and promote high-quality jobs.
In 2018, the NVTA also supported the creation of the legislative Tech Caucus, a bi-partisan group of state senators and assembly members that support smart tech policy in Nevada.
Together the lobby and committee implemented the Wayfair decision for sales tax on online sales, which clarified that in using virtual currency a company does not have to follow the “marketplace facilitator” requirements.
Additionally, the NVTA led the efforts to oppose SB195, which would have enacted the Uniform Law for Virtual Currency and the supplemental act, which would require licensing from the Department of Business and Industry for businesses that “engaged in certain business activity involving virtual currency.”
“We’re thrilled to see that Nevada continues to take a thoughtful approach to technology,” said Jackie Morck, President of the Nevada Technology Association, in a statement. “By supporting light-touch legislation, our state is clearly committed to supporting innovation and investment. At the same time, the creation of the legislative Tech Caucus demonstrates that we’re serious about staying on the leading edge of emerging technologies. We’re excited to be a partner in building the new Nevada.”
Nevada State Legislature Photo via CoinDesk Archives