The Ohio House of Representatives has approved a bill aimed at enhancing protections for cryptocurrency, exempting transactions under $200 from capital gains taxes. House Bill 116, known as the Ohio Blockchain Basics Act, received bipartisan support with a 70-26 vote and will now proceed to the Senate before reaching Governor Mike DeWine. The bill, championed by Republican Representative Steve Demetriou, focuses on facilitating crypto payments and safeguarding digital asset mining from government overreach. Notably, it allows crypto transactions below $200 to be exempt from capital gains taxes, with the limit adjusted annually for inflation. Additionally, the bill prevents the state tax commissioner from lowering this threshold and prohibits restrictions on crypto payments. It also permits residential crypto mining, provided local regulations are followed, and ensures that mining operations are treated equally to other businesses. Furthermore, the bill clarifies that no licenses are needed for various blockchain-related activities, protecting Ohioans' rights to manage their crypto assets without government interference. Read more AI-generated news on: https://app.chaingpt.org/news