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Financial Services Law Insights and Observations

First State Moratorium on Blockchain Taxes in Nevada

State Issues Digital Assets State Legislation Blockchain Fintech Distributed Ledger

State Issues

On June 5, the governor of Nevada signed into law legislation (SB 398) that prohibits local governments from taxing or establishing restrictions on blockchain use—making it the first state to outlaw blockchain taxes. In addition to taxes, the new law prohibits requiring a license, permit, or certificate or any other condition on the use of blockchain. The bill also states that blockchain data can now be submitted in situations where the law requires a record to be in writing.