Kentucky has taken a major step toward the crypto future. On Monday, Governor Andy Beshear signed House Bill 701 into law, establishing safeguards for bitcoin and crypto use in the state.
The bill received unanimous bipartisan approval. It guarantees Kentuckians the right to keep cryptocurrency in self-hosted wallets. Local governments cannot discriminate against cryptocurrency mining operations. Mining and staking services are not treated as securities.
HB 701 also exempts blockchain nodes and staking operations from money transmitter rules. This approach ties Kentucky with other crypto-friendly states such as Utah. The legislation fosters a favorable atmosphere for cryptocurrency fans and enterprises. It shows the increasing institutional and retail adoption of digital assets.
Kentucky is not stopping there. Another bill, HB 376, is being reviewed. It suggests establishing a state crypto reserve where up to 10% of excess state revenues can be invested in large-cap digital assets such as bitcoin. With such endeavors, Kentucky puts itself at the forefront of crypto innovation in the US. The state recognizes the promise of blockchain technology and digital currency.
