Oklahoma Passes Law Protecting Residents’ Control Over Digital Assets

Oklahoma’s Digital Asset Self-Custody Bill

Oklahoma recently passed a significant bill aimed at protecting 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.

Key Provisions of the Bill

• The bill prohibits any restrictions or bans on using self-custody or hardware wallets to store digital assets, ensuring individuals in Oklahoma have the freedom to control and safeguard their own digital assets without interference from third parties.
• It allows Oklahomans to engage in both home-based and industrial crypto mining as long as they comply with local noise ordinances.
• One notable provision exempts crypto miners from obtaining a money transmitter license.
• The bill outlaws discriminatory electricity rates for digital asset mining businesses, ensuring fair treatment in terms of energy costs.
• Oklahoma residents can utilize cryptocurrencies to pay for goods and services without facing additional taxes or charges solely because of the use of digital assets in transactions.

Impact and Reactions

The CEO of Satoshi Act Fund, Dennis Porter, highlighted the importance of the bill in protecting fundamental Bitcoin rights. He emphasized that the law ensures everyone can secure not only their bitcoin but all their assets, thus enabling better financial security for families.

Countries Considering Crypto Seizure for Tax Evasion

On a global scale, countries are exploring the possibility of confiscating crypto assets for debt collection from taxpayers. For instance, South Korean tax officials in Pohang have revealed plans to seize crypto from residents who have evaded local tax bills. Similarly, the Spanish Ministry of Finance is working on legislative reforms to enable the seizure of digital assets to settle tax debts.