Nevada Passes Regulatory Sandbox Legislation to Encourage Blockchain Investment

Nevada approved regulatory sandbox legislation in a bid to increase blockchain investment and entrepreneurism in the state. On June 7 and 13, Governor Steve Sisolak signed the “blockchain bills.”

These are the suite of bills passed in the state that assist the increased adoption of financial technology and blockchain. Nevada legislators revealed in February a suite of bills aimed at promoting blockchain adoption.

SB161 – Makes a regulatory sandbox for nascent technologies companies through a Department of Business and Industry program.

SB162 – Produces a definition for “public blockchain” within Nevada Revised Statutes and necessitates government agencies to receive electronically certified documents, including those on a blockchain.

SB163 – Approves businesses to keep and manage corporate records on a blockchain.

SB164 – Identifies digital currencies as intangible personal property and thus exempts them from personal property taxation.

The state’s attitudes to the nascent technology were totally cut in 2017 after the approved SB398 gained substantial blockchain investment to the state.

The Nevada Technology Association (NVTA) supported the most recent deregulatory legislation. The NVTA collaborated with industry representatives to boost technology innovation, education, and investment to diversify the economy of the state and encourage high-quality jobs.

Last year, the NVTA also reinforced the establishment of the legislative Tech Caucus, a bi-partisan group of state senators and assembly members that encourage smart tech policy in the state.

The committee and lobby jointly enforced the Wayfair decision for sales tax on online sales, which elucidated that in using cryptocurrency, a firm does that have to comply with the “marketplace facilitator” requirements.

In addition, the NVTA headed the initiative to oppose SB195, which would have passed the Uniform Law for Virtual Currency and the supplemental act, which would necessitate licensing from the Department of Business and Industry for companies that “engaged in certain business activity involving virtual currency.”

“We’re thrilled to see that Nevada continues to take a thoughtful approach to technology,” Nevada Technology Association President Jackie Morck said in a statement. “By supporting light-touch legislation, our state is clearly committed to supporting innovation and investment. At the same time, the creation of the legislative Tech Caucus demonstrates that we’re serious about staying on the leading edge of emerging technologies. We’re excited to be a partner in building the new Nevada.”