Oklahoma Passes Legislation Protecting Residents’ Rights to Self-Hold Digital Assets

On May 13, Oklahoma enacted a bill aimed at safeguarding the rights of its citizens to self-custody their digital assets.

The legislation, referred to as OKHB3594, was approved by Governor Kevin Stitt and backed by four Republican sponsors: State Senators Bill Coleman and Dana Prieto, along with State Representatives Brian Hill and Cody Maynard.

This bill prohibits any limitations or prohibitions on the use of self-custody or hardware wallets for storing digital assets, thereby ensuring that individuals in Oklahoma can manage and protect their own digital assets without interference from external parties.

Furthermore, the legislation permits residents of Oklahoma to participate in both residential and commercial crypto mining, provided they adhere to local noise regulations.

Self-Custody Bill Set to Take Effect This November

The self-custody bill for digital assets is scheduled to come into effect on November 1, 2024.

A significant aspect of the bill is the exemption for crypto miners from needing to obtain a money transmitter license.

Oklahoma passes a law protecting the right to self-custody #BTC. The law states that citizens cannot be prevented from holding and managing #digitalassets using a hardware wallet. Additionally, the state cannot impose restrictions on the use of #crypto for purchasing legal goods. https://t.co/lhdcymffZj pic.twitter.com/eDDlOqntog

— sh3k1n4h (@sh3k1n4h) May 16, 2024

This provision means that individuals engaged in home digital asset mining or operating digital asset mining enterprises, as well as those involved in staking or staking as a service, are not obligated to obtain a license typically required for financial transactions.

Moreover, the bill prohibits discriminatory electricity pricing for digital asset mining operations, ensuring equitable treatment regarding energy expenses.

The legislation also addresses the utilization of digital assets as a means of payment.

Residents of Oklahoma can use cryptocurrencies to purchase goods and services without facing additional taxes, withholdings, assessments, or fees imposed solely due to the use of digital assets in transactions.

Dennis Porter, CEO of Satoshi Act Fund, highlighted the significance of the bill in safeguarding essential Bitcoin rights.

“Without the ability to manage our wealth, we lose control of our destiny and the chance to create better futures for our families,” he stated in a post on X. “This law ensures that everyone can secure not only their [bitcoin] but all their assets.”

HUGELY MASSIVE BREAKING: A bill protecting your ‘fundamental #Bitcoin rights’ has been SIGNED INTO LAW in the state of Oklahoma.

Oklahoma will now defend your:
Right to self-custody
Right to spend #Bitcoin and digital assets
Right to mine #Bitcoin
Right to run… pic.twitter.com/KdPsmLBzDo

— Dennis Porter (@Dennis_Porter_) May 14, 2024

Countries Explore Crypto Seizure for Tax Evasion

Countries around the globe are increasingly contemplating the confiscation of crypto assets for debt recovery from taxpayers.

Tax officials in Pohang, South Korea, have announced plans to seize crypto from 5,208 residents who have not paid local taxes.

According to local reports, these individuals have all evaded local tax obligations amounting to $370 or more.

This initiative resulted in tax officials seizing nearly $29 million in both cryptocurrencies and fiat currency in 2023.

Similarly, the Spanish Ministry of Finance is seeking to enable the confiscation of digital assets to resolve tax debts.

Under the direction of María Jesús Montero, the ministry is currently developing legislative reforms to the General Tax Law.

The proposed amendments would empower the Spanish Tax Agency to identify and control crypto assets owned by taxpayers with outstanding debts.

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