HB1590: "Blockchain Basics Act"; create.

Legislative Summary

An Act To Establish The "blockchain Basics Act" For The Purpose Of Regulating The Use Of Digital Assets And Cryptocurrency In The State Of Mississippi; To Define Terminology Used In The Act; To Prohibit Any Government Agency Of The State Of Mississippi Any Political Subdivision Thereof From Accepting Or Requiring A Payment Using Central Bank Digital Currency And From Participating In Any Test Of Central Bank Digital Currency By Any Federal Reserve Branch; To Provide That No Agency Of The State Of Mississippi Nor Any Political Subdivision Thereof Shall Prohibit, Restrict Or Otherwise Impair An Individual's Ability To Use Digital Assets To Purchase Legal Goods Or Services; To Provide That The Exchange Of Digital Assets For Legal Tender Shall Not Be Considered The Purchase Of Currency For Tax Purposes; To Provide That Digital Assets Used As A Method Of Payment May Not Be Subject To Any Additional Tax, Withholding Or Assessment; To Exempt Digital Assets Used As A Method Of Payment From Being Subject To Capital Gains Tax, Provided That Each Transaction Does Not Exceed $200.00; To Provide For The Annual Inflation Adjustment On The Limitation Amount On January 1 Of Each Year, According To The Average Annual Increase In The Consumer Price Index; To Authorize The Establishment Of A Digital Asset Mining Business In Any Area That Is Zoned For Industrial Use; To Prohibit Political Subdivisions Of The State From Imposing Any Specific Limitations Digital Assets Mining That Are More Restrictive Than Those Currently Imposed For Business In The Same Zoning Area; To Prohibit Political Subdivisions Of The State From Changing The Zoning Of A Digital Asset Mining Business Without Going Through The Proper Notice And Comment; To Provide An Appeals Process For A Digital Asset Mining Business To Contest Zoning Changes; To Exempt Individuals Engaged In Home Digital Asset Mining, A Digital Asset Mining Business Or Operating A Node Or A Series Of Nodes On A Blockchain Protocol From The Licensure Requirements Of The "mississippi Money Transmitters Act"; To Provide That Businesses Offering To Provide Digital Asset Mining Or Staking As A Service For Individuals Or To Other Businesses Shall Not Be Considered As Offering A Security Or Investment Contract Under The "mississippi Securities Act Of 2010"; And For Related Purposes.