Analysis

Wyoming Could Serve As Cryptocurrency Tax Bellwether

Law360 (May 4, 2018, 7:32 PM EDT) -- Wyoming is taking a different approach from the Internal Revenue Service in taxing cryptocurrencies, and while the state’s departure from the norm is unlikely to affect federal policy, it could influence other states to consider alternate taxing methods in an attempt to attract more crypto businesses.

The state's Republican Gov. Matt Mead signed state S.B. 111 into law this year, exempting virtual currencies from state property taxation. The statute defined “virtual currency” as any type of digital representation of value that is used as a medium of exchange, unit of amount or store of value and is not recognized as legal...

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