Bill AB471 Proposes Money Transmitter License Exemptions for Crypto – Crypto News

Wisconsin lawmakers have introduced a bill on Monday that, if enacted, would exempt individuals and businesses in the state from requiring money transmitter licenses to participate in mining, staking and exchanging digital assets.

According to a document from the Wisconsin Legislative Reference Bureau, the bill seeks to clearly define exemptions from requiring a license from the Department of Financial Institutions for money transmission-related activities.

Under the proposed exemptions of Wisconsin Assembly Bill 471, individuals or businesses would not need DFI licences for crypto mining, staking and developing blockchain software. 

It also exempts the exchanging of digital assets if the transactions don’t involve the “conversion to legal tender” or bank deposits. 

“Under the bill, neither a state agency nor a political subdivision may prohibit or restrict a person in accepting digital assets as a method of payment for legal goods and services or in taking custody of digital assets using a self-hosted wallet or hardware wallet,” the document reads, adding that: