AB471 in Wisconsin proposes to exempt mining, staking and blockchain software development from licenses. The document also allows payments in crypto without restrictions.

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Wisconsin advances bill to exempt crypto activities from licenses

On Monday, Wisconsin introduced bill AB471, which could be a turning point for the regional digital asset market. The document clearly specifies that individuals and businesses will not need licenses from the Department of Financial Institutions (DFI) if their activities are related to mining, staking or blockchain software development.

It is separately specified that cryptocurrency exchange transactions are also exempt from licensing if there is no conversion to fiat or bank deposits. This provision should remove some of the legal uncertainty that has hindered the development of crypto businesses at the state level.

What else does AB471 provide?

The bill guarantees the right of citizens and companies to accept cryptocurrency as payment for goods and services, as well as store it in their own hardware or self-hosted wallets.

It also enshrines the right to:

run nodes to participate in the work of blockchain networks,
develop software,
transfer digital assets directly,
participate in staking.

In other words, any basic forms of activity in the blockchain ecosystem become protected from regulatory restrictions.

Political and procedural nuances

AB471 has the support of seven Republicans in the lower house and two Republican senators. It is currently referred to the Financial Institutions Committee and has approximately 25% progress according to Legiscan. It must pass both houses and two more committees before it can become law.

If the bill passes, Wisconsin could become one of the first U.S. states to systematically enshrine the rights of crypto market participants, creating a more predictable environment for businesses and investors.

Related: Crypto Regulation Across the Globe: Comparing UK, EU, Asia, Latin America