Oklahoma passed a bill on May 13 to protect the rights of its residents to self-custody their digital assets.
The legislation, known as OKHB3594, was signed into law by Governor Kevin Stitt and sponsored by four Republicans: State Senators Bill Coleman and Dana Prieto and State Representatives Brian Hill and Cody Maynard.
The bill prohibits any restrictions or bans on using self-custody or hardware wallets to store digital assets, which ensures that individuals in Oklahoma have the freedom to control and safeguard their own digital assets without interference from third parties.
The legislation also allows Oklahomans to engage in both home-based and industrial crypto mining as long as they comply with local noise ordinances.
Self-Custody Bill to Go into Effect This November
The digital asset self-custody bill will go into effect on November 1, 2024.
One notable provision of the bill is the exemption of crypto miners from obtaining a money transmitter license.
Oklahoma passes a law protecting the right to self-custody #BTC. The law says citizens can't be prevented from holding and controlling #digitalassets using a hardware wallet. Also, the state can't restrict the use of #crypto to buy legal goods. https://t.co/lhdcymffZj pic.twitter.com/eDDlOqntog
— sh3k1n4h (@sh3k1n4h) May 16, 2024
This means that individuals involved in home digital asset mining or running digital asset mining businesses, as well as those engaged in staking or staking as a service, are not required to acquire a license typically associated with financial transactions.
Additionally, the bill outlaws discriminatory electricity rates for digital asset mining businesses, ensuring fair treatment in terms of energy costs.
The legislation also addresses the use of digital assets as a payment method.
Oklahoma residents can utilize cryptocurrencies to pay for goods and services without being subjected to additional taxes, withholdings, assessments, or charges imposed solely because of the use of digital assets in transactions.
Dennis Porter, the CEO of Satoshi Act Fund, emphasized the bill’s importance in protecting fundamental Bitcoin rights.
“Without the ability to manage our wealth, we lose control of our destiny and the chance to create better futures for our families,” he wrote in a post on X. “This law ensures that everyone can secure not only their [bitcoin] but all their assets.”
HUGELY MASSIVE BRREAKING
Oklahoma will now defend your:
Right to self-custody
Right to spend #Bitcoin and digital assets
Right to mine #BitcoinRight to run… pic.twitter.com/KdPsmLBzDo
— Dennis Porter (@Dennis_Porter_) May 14, 2024
Countries Consider Crypto Seizure for Tax Evasion
Countries worldwide are increasingly considering confiscating crypto assets for debt collection from taxpayers.
South Korean tax officials in the city of Pohang revealed plans to seize crypto from 5,208 residents who failed to pay local taxes.
Per local reports, the individuals have all evaded local tax bills worth $370 or above.
The drive saw tax officials seize almost $29 million in coins and fiat in 2023.
Likewise, the Spanish Ministry of Finance wants to enable the seizure of digital assets to settle tax debts.
Under the leadership of María Jesús Montero, the ministry is currently working on legislative reforms to the General Tax Law.
The proposed changes would grant the Spanish Tax Agency the authority to identify and control crypto assets owned by taxpayers with outstanding debts.
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