TechFlow news — On March 25, the governor of Kentucky officially signed House Bill 701 (HB701) into law on March 24 local time. This bill explicitly protects residents' rights to use digital assets, self-hosted wallets, and operate blockchain nodes, while restricting discriminatory regulations by local governments on related technological activities. Key provisions of the bill:
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Definition of blockchain-related terms: HB701 provides clear definitions for blockchain technology, digital assets, self-hosted wallets, and node operations, laying the foundation for future regulation and legal enforcement.
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Resident rights protection: Residents may legally use digital assets and self-hosted wallets, and operate blockchain nodes. These activities are explicitly excluded from the scope of money transmission licensing and securities regulation.
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Restriction on local government interference: The bill prohibits local governments from imposing discriminatory zoning or ordinances that restrict digital asset mining operations, particularly limitations related to local land use and zoning planning.
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Digital asset mining and securities exemption: The bill clearly states that residential digital asset mining, commercial digital asset mining operations, and node operations do not fall under money transmission licensing requirements. Furthermore, digital asset mining or staking as a service is not considered the issuance or sale of securities.
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