History suggests that progressive business regulation can be a major boon to geographies looking to propel their economies. Think Dubai’s free trade zones or Singapore’s little dragon boom, for example. As blockchain and digital currencies emerge as a new foundational pillar of the global economy, governments around the world — both local and national — are racing to evaluate the intersection of this new technology with existing legislation.

State entities ranging from Singapore to Switzerland are signaling a positive intent to embrace the new paradigms that blockchain presents through progressive guidance and frameworks, and reports of governments and central banks around the world experimenting with blockchain technology are numerous. A movement now appears afoot in the United States.

What began as quiet rumblings out of the Wyoming legislature about amendments to an outdated Money Transmitter law that prohibited digital currency exchanges from operating within its borders has snowballed into a blockchain regulation revolution in the Equality State. Last week, inspired by a bipartisan coalition led by Representative Tyler Lindholm, Wyoming passed, and signed into law, a total of five pro-blockchain bills, with some passing through its House unanimously.

The bills are as follows:

HB 19 provides an exemption for virtual currency (e.g., Bitcoin, Ethereum, etc.) used within Wyoming from money transmitter laws and regulations

provides an exemption for virtual currency (e.g., Bitcoin, Ethereum, etc.) used within Wyoming from money transmitter laws and regulations HB 70 provides that a person who develops, sells or facilitates the exchange of an open blockchain token (a “consumer” or “utility” token) is not subject to specified securities and money transmission laws

provides that a person who develops, sells or facilitates the exchange of an open blockchain token (a “consumer” or “utility” token) is not subject to specified securities and money transmission laws SF 111 provides that virtual currency is not subject to taxation as “property” in Wyoming.

provides that virtual currency is not subject to taxation as “property” in Wyoming. HB 101 provides for the maintenance of corporate records of Wyoming entities via blockchain so long as electronic keys, network signatures and digital receipts are used.

provides for the maintenance of corporate records of Wyoming entities via blockchain so long as electronic keys, network signatures and digital receipts are used. HB 126 modifies Wyoming’s corporate code to permit the formation of “Series LLCs.” The intent of this legislation is to promote Wyoming as a jurisdiction of choice for securities formation and to compete with Delaware and Nevada for corporate registration revenue.

Look up all five bills at Wyoming.gov for further details.

“It all comes down to economic diversification. Wyoming has really concentrated on that over the past two years,” Rep. Tyler Lindholm explains. “We’ve been looking at different technologies, new ways to expand. After doing some research and reaching out to some industry experts, it was blockchain, digital currencies, and ICOs that stuck out. Looking at the situation, it was clear that no state had taken the plunge on any kind of regulatory frameworks, particularly regulatory frameworks that were beneficial and would attract those kinds of businesses. We want economic diversification. We want tech jobs. More importantly, we want new and young businesses to consider Wyoming.”

“This has been a stunning turn of events,” remarked Caitlin Long, former Chair and President of Symbiont, and co-founder of the Wyoming Blockchain Coalition that sparked the initiative. In addressing the speed and innovation demonstrated in Wyoming, Long says: “Those who are longtime watchers of the Wyoming legislature are really positively surprised. Wyoming came from behind. It was one of three states that had an issue with money transmitter laws. Not only did we decide to go and get that fixed, we went far beyond, towards taking a leadership role in blockchain regulation globally. It used to be uneconomic for companies to do businesses in Wyoming. Now, we’re seeing businesses come up from Denver instead of the other way around.”