The Montana House of Representatives has recently passed a bill that defines digital assets, such as cryptocurrency, stablecoins, and NFTs, as personal property.
This means that these assets are subject to the same property rights and protections as other forms of personal property.
Moreover, the bill seeks to prevent the taxation of cryptocurrency transactions used as a means of payment.
The legislation states that “a state or local government may not levy an additional tax, withhold, evaluate, or charge a fee on the value of digital assets when they are used as a payment method.”
The new law also includes provisions aimed at supporting the mining industry in Montana.
These provisions prohibit local governments from imposing different requirements on mining centers than data centers, as well as preventing them from interfering with cryptocurrency mining operations in industrial areas and private homes.
The updated version of the mining section builds on a previously approved legislative proposal that aimed to support mining and mining companies in the state of Montana.
It is worth noting that this bill has already been approved by the Montana Senate in February of this year.
Now, it has been submitted to the Governor for signature. If signed into law, Montana will become one of the few states in the United States to explicitly classify digital assets as personal property and prohibit the taxation of cryptocurrency transactions used as a payment method.