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Ruholamin Haqshanas
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Ruholamin Haqshanas
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Lawmakers in Ohio have introduced House Bill 116, aiming to prevent the state from imposing additional taxes on digital assets when used for payments.
The bill was introduced on February 24 by Representative Steve Demetriou and co-sponsored by Tex Fischer, Brian Lorenz, Ty D. Mathews, Riordan McClain, and Josh Williams.
It seeks to ensure that cryptocurrency transactions are not subjected to fees beyond those applied to traditional fiat payments.
“The general assembly shall not enact a bill that proposes to impose a fee, tax, assessment, or other charge on digital assets used as a method of payment for goods and services,” the bill states.
Ohio Bill Defines Digital Assets as Cryptocurrencies, Stablecoins, and NFTs
Under the proposed legislation, “digital assets” include cryptocurrencies, stablecoins, and non-fungible tokens (NFTs).
While regular taxes like state or sales taxes still apply, no new levies would be introduced specifically for crypto transactions.
Dubbed the “Ohio Blockchain Basics Act,” the bill also seeks to protect individuals’ rights to accept digital assets as payment and self-custody their holdings using hardware or self-hosted wallets.
Furthermore, it ensures that residents can participate in crypto staking without facing additional regulatory burdens.
The legislation addresses the growing crypto mining industry as well. Residential mining is permitted, provided participants adhere to local zoning laws, while industrial mining operations are explicitly allowed in designated zones.
Local governments are prohibited from using zoning changes to unfairly target mining businesses.
A notable provision of the bill requires Ohio’s state retirement funds to evaluate the risks and benefits of investing in cryptocurrency exchange-traded funds (ETFs).
These findings must be reported to the Ohio General Assembly within a year, highlighting the state’s growing interest in integrating digital assets into its investment strategies.
Ohio has been particularly active in crypto legislation. Last September, Senator Niraj Antani introduced a bill advocating for the acceptance of cryptocurrency payments for state taxes and fees.
In December, House Republican leader Derek Merrin proposed HB 703, which aims to establish a strategic Bitcoin reserve for the state.
More recently, in February, Senator Sandra O’Brien introduced a bill to create an “Ohio Bitcoin Reserve Fund,” which proposes holding Bitcoin for a five-year period as part of the state’s financial strategy.
Strategy Holds Largest Coporate Bitcoin Portfolio
As reported, Strategy, the business intelligence and Bitcoin acquisition firm formerly known as MicroStrategy, has announced plans to raise $2 billion through 0% senior convertible notes to further expand its Bitcoin holdings.
The company stated that net proceeds from the offering will primarily fund new Bitcoin acquisitions, with a portion allocated for general working capital.
The announcement came as the firm owns 478,740 BTC, valued at approximately $47 billion, with a dollar-cost average purchase price of $65,000 per coin.
Despite market volatility, the company’s Bitcoin holdings have delivered a 51% profit, boosting its stock price by 360% over the past year.
Looking to the future, Saylor predicted that the 21st century will be driven by artificial intelligence and digital currencies.
It is worth noting that several U.S. states, including Illinois, Kentucky, Maryland, New Hampshire, New Mexico, North Dakota, Ohio, Pennsylvania, South Dakota, and Texas, have also introduced bills that could enable them to hold Bitcoin and other cryptos as reserve assets.
Recently, Metaplanet has also expanded its Bitcoin portfolio with the acquisition of an additional 68.59 BTC, valued at approximately $6.6 million.
