[ad_1]
The state legislators of the United States of Wyoming have introduced legislation that would allow the issuance of tokenized share certificates using blockchain technology.
On Wednesday, Representative Jared Olsen (Republican), along with Senator Chris Rothfuss (Democrat) and six other Republican representatives jointly filed the Bill 0185, titled "token of corporate stock certificates", proposing an amendment that would allow the use of certified tokenised digital actions instead of paper versions.
"The company's bylaws or regulations may specify that all or part of the company's shares may be represented by share certificates in the form of certificates," states the bill.
HB0185, if approved, would allow the holding of stock certificates – which represent ownership of stocks – in an electronic format and their information to be entered in a blockchain or other verifiable database, according to the document. This information would then be "transmitted electronically to the issuing company, to the person to whom the certificate token was issued and to each transferee".
Tokenised certificates would also be authorized through network signatures – unique identifying hashes – of two officers or directors of a company.
The bill, if approved, will come into force on July 1, 2019, according to the document.
Wyoming has undertaken several legislative initiatives regarding the adoption. Just last week, the state approved a bill to allow blockchain startups to operate within a regulatory sandbox for a legislative vote. Last February it also unanimously approved a law that exempts some utility tokens from securities regulations.
And, last month, the county of Teton of the state signed a memorandum of understanding with Medici Land Governance – a subsidiary of Medici Ventures of Overstock.com – to put its land registry on a distributed register.
Image of the State Capitol of Wyoming via Shutterstock
[ad_2]Source link
