The state’s legislators have submitted a bill on cryptocurrencies.

The new legislation will bring regulatory clarity to the industry and foster mass adoption.

Wyoming legislators introduced a cryptocurrency bill that would bring the new types of assets into the legal field and provide clear guidance for both regulators and market players.

This development will support cryptocurrency mass adoption and make Wyoming the state of choice for blockchain and crypto-related business.

“The legislation, all taken together make Wyoming the Silicon Valley of Blockchain and Cryptocurrency of the nation and arguably—the world,” Senator Ogden Driskill of the Wyoming 1st District said as cited by Forbes.

The state’s authorities have already passed to bills related to cryptocurrency regulation. The new legislation will offer digital coins a legal status and recognize peer-to-peer transactions of cryptocurrencies. Banks will receive the green light for supervising digital assets and even taking them under custody.

This bill,l if passed, will lay the ground for future legislation on the subject. Moreover, it may be regarded as the first step towards legal and regulatory clarity for the industry in the largest economy of the world. Once the USA adopts and accepts the new reality of digital money, other global regulations are likely to follow the suite.