The State of Montana has recognized and exempted them from state securities by passing a new this month. , titled “Generally revise laws relating to ,” was signed by the Governor of Montana on May 8.
Initiated by State Representative Shane Morigeau, the bill had its first reading in February 2019. The Bill has now passed with , and will come into force on July 1.
The new law defines a utility as a digital unit that is created, recorded on , capable of being exchanged without a third party, and issued to enable owners to access a good or service delivered by the issuer “without vesting the holder with any ownership interest or equity interest in the issuer.”
According to the bill, a utility has to meet a number of requirements, with the purpose of a being “primarily consumptive,” while using such for speculative or investment purposes is prohibited. In this regard, the legislators explained that utility should be used to provide or receive goods, services or content.
While utility are exempt from state securities law, the issuers of such still have to interact with the securities commissioner, and must file a notice of intent to sell such .
By passing its utility law, the State of Montana has joined other crypto-friendly states, including and . In January 2019, the State of Wyoming a bill recognizing as money. Subsequently, the State of Colorado exemptions to its digital act, enabling licensing requirements for entities operating with digital .
Published at Sat, 25 May 2019 02:30:22 +0000
