Bill > HB116

This bill enacts the Ohio Blockchain Basics Act, which aims to establish a comprehensive regulatory framework for digital assets and blockchain technologies in Ohio. The bill introduces several key provisions that protect and facilitate digital asset activities in the state. Specifically, it prevents local governments (counties, townships, and municipal corporations) from imposing specific taxes or restrictions on digital assets used as payment methods, ensures individuals can accept digital assets as payment and use hardware or self-hosted wallets, and allows digital asset mining in both residential and industrial zones with certain regulatory constraints. The bill defines key terms like "blockchain," "digital asset," and "digital asset mining," and clarifies that certain blockchain-related activities do not require money transmitter licenses. Additionally, the bill provides tax considerations, such as allowing a deduction for capital gains from digital asset sales up to a certain threshold, and ensures that digital asset mining and staking services are not automatically considered investment contracts. The legislation aims to create a more welcoming and clear regulatory environment for blockchain and digital asset technologies in Ohio, providing guidelines for their use and development while protecting individual rights to engage with these emerging technologies.

Business and Industry

https://www.legislature.ohio.gov/legislation/136/hb116