In a bill passed January 31, 2019, the US state of Wyoming has given direction to recognizing and defining all forms of cryptocurrency.
Digital assets will now fall into one of three classifications: (a) digital consumer assets, (b) digital securities, and (c) virtual currencies. Virtual currency is defined as: intangible personal property and shall be considered money. However, for clarity, virtual currency is not yet considered legal tender by the US government.
This legislation will also provide an outline for banks in Wyoming to handle virtual currencies. It is indicated that banks in the state will need to provide custodial service for cryptocurrency and other digital assets and provides guidelines for them to do so.