Oklahoma Governor Kevin Stitt has recently signed a bill into law, establishing a legal framework for blockchain technology and digital assets within the state. This new legislation effectively prevents Oklahoma's government from imposing restrictions on the use of digital assets for legal purchases or self-custody. Additionally, it ensures that digital assets used as payment are not subjected to any additional taxes or charges compared to other payment methods.

Introduced by state Rep. Brian Hill in January, the bill also legitimizes home digital asset mining in residential areas under local noise ordinances. Moreover, businesses engaged in mining digital assets in industrial zones are permitted to operate without specific noise limitations, other than those already in place.

Hill expressed satisfaction with the bill's passage on May 9, emphasizing its role in safeguarding individuals' rights to their digital assets. The legislation is set to become effective on November 1, 2024.

Furthermore, under the bill, miners are classified as data centers, and political subdivisions are prohibited from imposing requirements on digital asset mining companies that are not applicable to data centers. Additionally, individuals and businesses involved in crypto mining or node operation are protected from liabilities solely related to validating transactions.

Moreover, the legislation stipulates that no money transmitter license is required for engaging in digital asset mining, operating nodes, or participating in blockchain staking. It also prohibits discriminatory electricity rates targeted at crypto-mining businesses, ensuring that miners have access to energy at rates comparable to other industries.

Oklahoma's proactive approach makes it one of the first U.S. states to enact comprehensive crypto legislation. While the U.S. Congress continues to discuss various bills concerning cryptocurrencies and blockchain technology, Oklahoma's move sets a precedent for other states considering similar regulatory frameworks.