Nevada goes all in on Blockchain, bundle of bills passed

It would seem that Nevada is really committed to being as supportive of blockchain initiatives as it can. The state just passed several bills aimed at improving access and investments with regards to projects that make use of or are related to digital ledger technology. At this rate, Nevada might just become the blockchain center of the US, vastly outpacing California in the process.

Nevada has been a strong supporter of blockchain technology since 2017, Coindesk reports, when it passed bill SB398. Since then, the state has attracted a significant level of investments and interests that make use of the secure and transparent technology. Thanks to the new bills it recently passed, this is only going to get better.

The bills that went through the wringer and came out smelling like roses this time are SB161, SB162, SB163, and SB164. Each one deals with a different aspect of blockchain and has a different function. For SB161, for example, the overview describes it as something of a regulatory sandbox.

“AN ACT relating to financial businesses; requiring the Director of the Department of Business and Industry to establish and administer the Regulatory Experimentation Program for Product Innovation; setting forth the requirements for the operation of the Program; providing for a temporary exemption from certain statutory and regulatory requirements related to financial products and services for a participant in the Program under certain circumstances; requiring the Director to submit to the Legislature an annual report on the Program; revising provisions relating to persons who make loans exclusively via the Internet; and providing other matters properly relating thereto,” the overview reads.

In response to this exciting new development, Nevada Technology Association President Jackie Morck released a statement expressing approval. In particular, it would seem that the “light touch” approach is striking all the right chords for those in the business.

“We’re thrilled to see that Nevada continues to take a thoughtful approach to technology,” Morck said. “By supporting light-touch legislation, our state is clearly committed to supporting innovation and investment. At the same time, the creation of the legislative Tech Caucus demonstrates that we’re serious about staying on the leading edge of emerging technologies. We’re excited to be a partner in building the new Nevada.”