On September 1, Texas enacted a law that adapts commercial law to blockchain and cryptocurrencies. It defines digital assets and establishes a regulatory framework for investment in the sector.
“A virtual currency is a digital representation of value that acts as a medium of exchange, a store of value, and a unit of account, often secured using blockchain technology.”
The document establishes the regulatory framework for ownership of cryptocurrencies and transactions involving them. Specifically, it sets out the procedure for identifying holders of digital assets and their legal rights.
Texas Governor Greg Abbott signed the law on June 15. Earlier he said that the state “must be involved in the rapidly evolving blockchain industry.”.
Earlier in the month, the Texas Department of Banking allowed state banks to hold cryptocurrencies.
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