Vermont encouraging blockchain business
Promoting and supporting the establishment of blockchain-based companies, plus a fintech summit.
Vermont, in the northeastern United States, is continuing its push to develop, support and bolster blockchain-based companies throughout the state, after Governor Phil Scott signed a bill to promote such strategies.
The bill, reproduced by LegiScan, aims to promote regulatory efficiency and enable organizational business and governance structures to expand opportunities within the financial technology sector.
Vermont’s Agency of Commerce and Community Development shall incorporate opportunities to promote blockchain technology in the private sector into one or more of its economic development marketing and business support programs, events, and activities. The agency will also pursue legal, regulatory and educational mechanisms, including complementary workforce training.
The agency, together with the Department of Financial Regulation, the University of Vermont and State Agricultural College, the Vermont State Colleges, Norwich University, Vermont Law School, the Agency of Education, regional CTE centers and private sector practitioners, will hold a fintech blockchain summit.
To establish a blockchain-based limited liability company (BBLLC) in Vermont, applicants must specify whether the blockchain utilized will be fully decentralized or partially decentralized and whether such a ledger will be completely or partially public or private, including access to information and certain permissions protocols.
Earlier this year, it was reported that the state of Vermont intended to have blockchain companies pay their state taxes in cryptocurrency, however, this concept has since been eliminated from the final bill.
The Department of Financial Regulation is also planning to conduct a review by January 15, 2019 to determine whether blockchain technology can have a positive impact on both the local insurance and banking industries.
The updated and signed act is effective July 1, 2018.
As in all things real estate, location is key. The pro-cryptocurrency legal landscape in Vermont recently enabled city hall in South Burlington to record its first real estate deed exclusively on the Ethereum blockchain. The milestone was achieved through a pilot program of blockchain startup Propy started in January.
Real estate agency Propy is also selling a 27 acre plot of land in the hills of California’s Los Gatos township, south of San Francisco Bay. The listing is especially unique because it can be bought using cryptocurrency.
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