Oklahoma’s New Crypto Law Protects Miners, Sets Blockchain Legal Framework.

Oklahoma Governor Kevin Stitt has signed legislation establishing a legal framework for blockchain technology and digital assets.

The new law prohibits the Oklahoma government from imposing restrictions on the legal purchase or self-storage of digital assets. It also determines that digital assets used as payment cannot be subject to additional taxes or fees on other methods.

The bill — introduced in January by state Rep. Brian Hill — would legalize home digital asset extraction in residential zones. In addition, businesses producing digital assets in industrial zones will be allowed to operate without special noise restrictions beyond those previously in place.

Bill 3594 lays the groundwork for protecting individuals' rights to their digital assets, Hill said following the bill's passage on May 9. The new law will come into effect on November 1, 2024.

In addition, miners are considered data centers according to the bill. The law states that political subdivisions cannot impose requirements on digital asset mining companies that do not apply to data centers.

Another interesting point is that the bill protects individuals and businesses engaged in crypto mining or node operation from liabilities related only to verifying transactions:

“An individual or business entity is not required under Section 1513 of Title 6 of the Oklahoma Statutes to obtain a money transfer license to operate a node or series of nodes on the blockchain protocol.”

The law also states that no money transfer license is required to participate in digital asset mining, operating nodes or blockchain staking.

Another safeguard included in the law is a ban on discriminatory electricity prices aimed at crypto-mining businesses to ensure that miners receive a comparable supply of electricity to other industries.

Oklahoma was one of the first US states to enact crypto legislation. The US Congress has been debating several bills covering cryptocurrencies and blockchain technology, including legislation that would create a regulatory framework for Statcoins.

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