The State of Nevada has become the first state to approve The Senate Bill 398 (1) that will block local government from taxing Blockchain use.
Nevada Senate Bill 398 prohibits a local government from:
- Imposing a tax or fee on the use of a blockchain;
- Requiring a certificate, license or permit to use a blockchain;
- Imposing any other requirement relating to the use of a blockchain.
Tax exemption is a considerable step forward. It marks the trust that authorities put in the potential of the Blockchain economy in the creation of new businesses and activities and participating in the growth of the country.