Nevada Passes Regulatory Sandbox Legislation to Support Blockchain Investment and Entrepreneurism
Nevada Embraces Blockchain with New Regulatory Sandbox Legislation
Nevada is making waves in the world of blockchain technology with the recent passage of regulatory sandbox legislation aimed at fostering continued investment and entrepreneurism in the state. Governor Steve Sisolak signed the “blockchain bills” on June 7 and 13, marking a significant step forward in supporting the growth of financial technology and blockchain innovation.
These bills are part of a larger effort by Nevada legislators to promote blockchain adoption and create a favorable environment for emerging technologies. In February of this year, a suite of bills was introduced to support the development of blockchain technology in the state.
One of the key bills, SB161, creates a regulatory sandbox for emerging technology companies through a program in the Department of Business and Industry. This initiative will provide a space for innovative companies to test new ideas and products without the burden of excessive regulation.
Another important bill, SB162, defines “public blockchain” within Nevada Revised Statutes and requires government agencies to accept electronically certified documents, including those stored on a blockchain. This move will help streamline government processes and promote the use of blockchain technology in official transactions.
SB163 authorizes businesses to store and maintain corporate records on a blockchain, while SB164 defines virtual currencies as intangible personal property and exempts them from personal property taxation. These measures will help create a more favorable regulatory environment for blockchain companies operating in Nevada.
The state’s commitment to blockchain technology was solidified in 2017 with the successful passage of SB398, which attracted significant blockchain investment to Nevada. The recent deregulatory legislation was supported by the Nevada Technology Association (NVTA), which has been working to expand technology education, innovation, and investment in the state.
“We’re thrilled to see that Nevada continues to take a thoughtful approach to technology,” said Jackie Morck, President of the Nevada Technology Association. “By supporting light-touch legislation, our state is clearly committed to supporting innovation and investment. We’re excited to be a partner in building the new Nevada.”
With the passage of these blockchain bills, Nevada is positioning itself as a leader in blockchain technology and creating a welcoming environment for companies looking to innovate in this space. The state’s proactive approach to regulation and support for emerging technologies bodes well for the future of blockchain investment and entrepreneurism in Nevada.