Digital Currency News: Wyoming State Law Recognizes Property Rights of Digital Assets

On February 14, 2019, Wyoming passed resolution SF0125 -Digital assets-existing law. The Act states that “digital assets are property within the Uniform Commercial Code” and recognizes property rights in the direct ownership of digital assets. The Act has an effective date of July 1, 2019.

“AN ACT relating to property; classifying digital assets within existing laws; specifying that digital assets are property within the Uniform Commercial Code; authorizing security interests in digital assets; establishing an opt-in framework for banks to provide custodial services for digital asset property as directed custodians; specifying standards and procedures for custodial services under this act; clarifying the jurisdiction of Wyoming courts relating to digital assets; specifying applicability; authorizing the promulgation of rules; and providing for an effective date.”

Ref: https://www.wyoleg.gov/Legislation/2019/SF0125