As of June 2019, Wisconsin has not enacted any specific legislation relating to cryptocurrencies. Nevertheless, the state appears to be open to cryptocurrency businesses and innovation. For example, in April 2018, Wisconsin’s Department of Financial Institutions (DFI) issued a press release stating that it “encourages financial technology innovators to contact the DFI about obtaining a money transmitter license in Wisconsin.” Today Profit is one of the best platforms that provide authentic guidelines for trading Bitcoin in Wisconsin.
In May 2018, the DFI also released guidance on cryptocurrency ATMs, noting that operators of such machines must obtain a money transmission license from the agency. However, the DFI clarified that individuals who simply use cryptocurrency ATMs are not required to obtain a license.
Also in May 2018, the University of Wisconsin-Madison partnered with legal technology startup Quantstamp to launch a blockchain and cryptocurrency research lab. According to its website, the lab will focus on “building real-world applications of Ethereum and other blockchain technologies.”
In November 2018, the Wisconsin Assembly’s Committee on Financial Institutions held a hearing on two bills – Assembly Bill 775 and Senate Bill 780 – that would have created a legal framework for initial coin offerings (ICOs) in the state. However, neither bill has progressed since then.
Overall, it appears that Wisconsin is taking a relatively open-minded approach to cryptocurrency and blockchain technology. While no speciic legislation has been enacted yet, the state does not seem hostile to innovation in this area.
Bitcoin trading in Wisconsin has been playing a vital role in the state’s economy, particularly in the area of digital currency. Bitcoin is a type of digital or virtual currency that uses peer-to-peer technology to facilitate instant payments. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. Bitcoin can also be held as an investment. According to research produced by Cambridge University in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.
Wisconsin has been a leader in the area of digital currency and its use in the economy. In 2014, the state became the first in the nation to pass legislation recognizing digital currencies such as Bitcoin. The bill, which was signed into law by Governor Scott Walker, creates a legal framework for businesses to operate in the state’s digital currency industry. The bill also allows for the creation of a special type of bank account – called a virtual currency depository institution – that can be used by businesses to hold, store, and transact digital currencies.
The legislation is seen as a way to attract businesses to the state and create jobs in the digital currency industry. Wisconsin is already home to a number of businesses that are involved in Bitcoin and other digital currencies, including BitPay, a global Bitcoin payment processor; Coinapult, a Bitcoin wallet service; and Glidera, a provider of Bitcoin wallets and exchanges.
The state’s economic development agency, Wisconsin Economic Development Corporation (WEDC), has also been supportive of the digital currency industry. In 2015, WEDC invested $500,000 in Airbitz, a California-based company that provides a Bitcoin wallet service. And in 2016, WEDC awarded a $1 million grant to Blockchain Technologies LLC, a Milwaukee-based startup that is developing a platform to help businesses use Bitcoin and other digital currencies.
The WEDC’s investment in Airbitz was part of a larger $3 million round of funding that also included investments from Japanese internet giant GMO Internet Group and Digital Currency Group, a New York-based venture capital firm that is a major investor in the digital currency industry.
Blockchain Technologies LLC is using the grant from WEDC to create 10 jobs in Milwaukee. The company plans to use the money to develop its platform and expand its sales and marketing efforts.
The state of Wisconsin has also been working on creating a more favorable environment for digital currency businesses through its regulatory sandbox program. The program allows startups to test their products and services in a real-world setting without having to go through the traditional process of obtaining a license from the state.
The program is open to any business that is working on a new or innovative product, service, or technology that has the potential to create jobs and spur economic growth. So far, eight companies have been accepted into the program, including Blockchain Technologies LLC.
The regulatory sandbox program is just one of many initiatives that Wisconsin has undertaken to support the digital currency industry. Others include the creation of the virtual currency depository institution and the WEDC’s investment in Airbitz.
Multiple research firms raised their target price for global biopharmaceutical company PTC Therapeutics recently —…
Imagine the thrill of a game-winning shot, the tension of a last-second goal, and the…
Graduation day is a special day for any individual. It is a symbol of an…
Introduction Did you know that a staggering 88% of digital consumers are less likely to…
2025 will be a memorable year in the history of sports tournaments and events. If…
Car insurance makes every drive safer for you, your passengers, and others on the road.…