Wisconsin bill to exempt crypto businesses from money licenses

Wisconsin lawmakers introduced Bill AB471, aiming to exempt individuals and businesses from needing money transmitter licenses for activities related to cryptocurrency, such as mining, staking, and exchanging digital assets. The bill intends to eliminate the requirement for a license from the Department of Financial Institutions for specific money transmission-related activities. Proposed exemptions include allowing individuals or businesses to mine and stake cryptocurrencies and develop blockchain software without requiring licenses. Additionally, the bill seeks to facilitate the exchange of digital assets as long as these transactions do not involve converting to legal tender or bank deposits. It emphasizes that local agencies cannot prohibit accepting digital assets as payment for goods and services. While the bill is currently sponsored by Republican lawmakers and has passed a progression rate of 25%, it faces further reviews before potential enactment. This initiative reflects a broader trend to ease regulatory burdens in the evolving cryptocurrency landscape.

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