Arizona Blockchain Bill Signed Into State Law

A bill allowing corporations to hold and share data on a distributed ledger was officially signed into Arizona state law by Governor Doug Ducey, according to a legislation tracker April 3.  

The Arizona House of Representatives passed HB 2603 with 56 in favor, 3 against, and 1 abstention. The Arizona Senate proceeded to pass the bill unanimously.

The bill was first introduced as an amendment to the Arizona Revised Statutes by Rep. Jeff Weninger in February, one of three bills aiming “to open the door for emerging technologies in Arizona.”

HB 2602 and HB 2601 are both awaiting a third reading in the Arizona Senate. The former would prohibit towns from restricting cryptocurrency mining in residences, while the latter aims to address securities and crowdfunding, recognize a “virtual coin” as “a digital representation of value”, and authorize its function as a medium of exchange in digital trading.

Weninger’s measures emerge amid a backdrop of robust regulatory moves by the state to recognize and delimit applications of Blockchain technology. As Cointelegraph reported in March, the Arizona Senate passed SB 1091, which would allow state residents to pay their taxes in Bitcoin.

In April last year, HB 2417 legalized Blockchain signatures and recognized the enforceability of smart contracts. Arizona’s Revised Statutes now stipulate that data “written” and stored on Blockchain technology is “immutable and auditable and provides an uncensored truth.”

Across the US, state governments are passing liberal legislation on cryptocurrencies and Blockchain technology. New Hampshire exempted crypto traders from money transmission regulations in March 2017, while this year Wyoming exempted virtual currencies from state property taxation, as well freeing certain Blockchain tokens from securities regulations.