Ohio wants to become a “crypto paradise” with the Blockchain Basics Act

The Ohio House of Representatives just approved the Blockchain Basics Act with a vote of 68-26, marking an important step towards protecting the rights of users and businesses in the digital asset sector. The bill will be forwarded to the state Senate for further consideration.

If passed, crypto transactions under 200 USD will be exempt from capital gains tax, helping users avoid unnecessary tax burdens. Additionally, the bill also:

Prohibits state and local governments from restricting the use of digital assets as a means of payment.

Protects users' rights to use hardware wallets and self-custody wallets.

Legalizes home mining activities, as long as they comply with local regulations.

Prevents the government from zoning unfairly against mining facilities, while allowing businesses to respond to or appeal discriminatory decisions.

The bill also exempts certain stringent regulations on staking, operating nodes, or exchanging digital assets from the scope of money transmission, investment, and securities laws.

Proposed by Representative Steve Demetriou, this bill is contributing to making Ohio one of the pioneering states in establishing a reasonable and open legal framework for blockchain. Advocacy organizations such as the Satoshi Action Fund also welcome this step, viewing it as a “clear signal” that Ohio is ready to embrace the digital future. 57055398292

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