Wyoming’s legislature has passed a cryptocurrency bill banning the forced generation of a private key in the US state. cryptocoin.com We have compiled the details of the law passed by the parliament for you.
Senate approves cryptocurrency bill
The bill states that ‘No one shall be compelled to produce a private key or to disclose a private key to any other person in any civil, criminal, administrative, legislative or other proceedings in this state…’.
However, the section specifically prohibits the prohibition of authorized transactions due to the interpretation of the draft law. Representatives approved the bill by 13 votes to 41 on February 15. The Wyoming Senate approved it by a 31-0 vote on February 14.
Will the US accept private key protection norms?
Wyoming has a crypto-friendly legislature. However, at the national level, there is currently no regulation governing significant disclosures. But the Fifth Amendment to the United States Constitution protects witnesses. They are protected from being compelled to testify against themselves. However, this is a case-by-case application of the rule.
A key (or address) is a string of alphanumeric characters that can also be represented as a scannable QR code. This address can then send and receive money via transactions on a blockchain network.
On the contrary, Australia’s new legislation empowers law enforcement. It can force companies to open customer information and data, even if encrypted. This sparked a debate about the weakening of cryptography in the island state. However, it has also become the land of one of the strictest crypto rules.
Section 69 of India’s Information Technology Act 2008 applies similar rules. The rule authorizes central and state governments to instruct them to monitor, decrypt or capture any information using any computer resource.
Security and privacy debate in the middle of the country
In the US, the rules still need to be clarified as regulators, including the Securities and Exchange Commission (SEC), deal with the crypto market. The SEC strongly opposes fraudulent ICOs, as well as trading against several exchanges discovered to be operating illegally. This practice has clearly shown that it must comply with certain norms in order to be able to function in the sector.
A Congressional Study on crypto policy issues said, ‘The balance of privacy and security largely depends on whether transactions are conducted off-chain or via on-chain transactions on centralized platforms.’ SEC chairman Gary Gensler recently proposed changing federal custody regulations to cover crypto assets.
Hong Kong legalizes crypto trading
According to the @NoodleofBinance Twitter account, Hong Kong citizens will be allowed to buy, sell and trade crypto assets from 1 June. Current rules restrict cryptocurrency trading to professional investors, i.e. individuals with a portfolio of at least HK$8 million (US$1.02 million).
@NoodleofBinance described it as a bullish event, saying ‘Expect a huge influx of money from the East’. He also described the launch of a Hong Kong dollar-based stablecoin as ‘certainty’.
Recent months have seen the growing narrative that China is warming up to cryptocurrency and trying to implement pro-crypto regulation in Hong Kong as a sort of sandbox consideration.
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