The Montana Governor passed the crypto bill, whose primary goal is to prevent existing or future rules from discriminating against crypto miners.
The Governor of Montana has lent support to a crypto bill that addresses two issues based on which miners would be protected: the concern of unfair electrical rates for mining firms and the imposition of taxes on crypto used for payments.
The crypto bill prevents both instances of biased actions against the crypto miners in the state. It aims to stop local entities from passing laws in the future that make mining crypto illegal.
After the crypto bill received the green light from Governor Greg Gianforte, it has been lauded as a milestone for crypto mining in Montana since it would help simplify regulatory procedures for the industry there.
“Digital assets used as a method of payment may not be subject to any additional tax, withholding, assessment, or charge by the state or a local government that is based solely on the use of the digital asset as the method of payment,” states the official text of the bill.
According to the bill, miners would also be allowed to run their activities from home without being hindered by any government entity. The bill’s partial objectives include safeguarding mining firms against proposed rules in other states that could discriminate against crypto miners.
As of right now, the US government intends to tax crypto miners by 30% as part of its fiscal policy for the year 2024.
Hence, local crypto legislation put in place by states like Arkansas and Montana has been welcomed by industry insiders. Mississippi had also proposed a mining-friendly crypto bill, but unfortunately, it was scrapped.