Wisconsin seeks exemption from money transmission licenses for virtual asset operators

A bill intended to facilitate economic activity related to virtual assets (cryptocurrencies) has been introduced in Wisconsin, USA.

On the 30th (Korean time), according to crypto-focused media Cointelegraph, the Wisconsin State Assembly introduced bill 'AB-471'. The bill includes provisions that would remove the requirement to obtain a money transmission license from the Department of Financial Institutions (DFI) when individuals and companies engage in mining, staking, or blockchain development using virtual assets.

The bill was jointly introduced by seven Republican assembly members and two senators, and has been referred to the Committee on Financial Institutions.

The bill also stipulates that virtual asset exchange transactions do not require a license when they are not related to conversion to fiat currency or bank deposits. It further states that the state or local governments cannot restrict accepting virtual assets as a legitimate means of payment for goods and services, and allows individuals to store digital assets through their own wallets.

The bill document states, "Individuals may operate blockchain nodes, develop software, transfer digital assets, participate in staking, etc."

This legislation is seen as an attempt to reduce legal uncertainty around virtual asset use and is regarded as a state-level approach in the absence of clear federal regulations.