Known as the Silver State, Nevada has a long established reputation for relaxed laws pertaining legalized gambling, corporate asset protection and business privacy. Now, in a move certain to be closely watched by other U.S. states, Nevada Senate Bill 398 was recently signed by the Nevada Governor Brian Sandoval, and officially passed into law under the state’s Uniform Electronic Transactions Act.
The bill was introduced and sponsored by Republican Senator Ben Kieckhefer. After being amended twice, the legislation passed by a vote of 41 to 0.
This landmark bill provides guidelines related to the use of blockchain technology. Nevada thus becomes the the first U.S. state to approve legislation blocking local government entities from taxing, licensing and imposing other requirements on blockchain use.
According to the Senate Committee on Judiciary record document, Kieckhefer states, “Local governments cannot impose taxes, fees or other requirements relating to the use of blockchain or smart contracts.” He goes on to note that the bill will help Nevada keep pace with technological advancements, providing “a legal framework for people using a blockchain to not do so in a legal gray area.”
Said Kieckhefer: “Senate Bill 398 is an offshoot of several efforts I worked …read more