A regulatory bill for Bitcoin mining was passed in the Arkansas Senate and House of Representatives, which comes as positive news for the crypto space in the state. The bill is now awaiting approval from the Governor. Named the Arkansas Data Centers Act of 2023, the new law aims to regulate the crypto mining industry in the state by protecting miners from discriminatory practices and taxes and treating them at par with data centers. Proposed by Senator Joshua Bryant, the bill was passed by the state legislators of Arkansas.
According to the bill, a digital assets miner would be needed “to pay applicable taxes and government fees in acceptable forms of currency and operate in a manner that causes no stress on an electric public utility’s generation capabilities or transmission network.“
The bill also recognized the importance of data centers and their ability to create jobs and add value to the local economy. As a result, crypto miners would be treated equally to data centers and would have the same rights. The bill mandates the government not to pose additional requirements or rules for the Bitcoin mining industry in the state other than those for data centers.
While other states have been taking opposite moves for the Bitcoin mining industry in the United States, the latest development in Arkansas could prove to be a model for other states to follow in a similar direction of support for crypto industry in the US.