Kentucky Legislature Approves Bills Providing Incentives for Crypto Miners
The bills now pass to Governor Andy Beshear for final approval.
Under the legislation, wealth managers known as Spezialfonds would be able to invest up to 20% in digital assets.
Tax hikes could encourage profit taking in cryptocurrencies, but some investors remain bullish as ongoing stimulus could trigger inflation.
The new legislation seeks to counter an industry that critics blast as detrimental to New York’s decarbonization goals.
The commonwealth wants to become a hub for energy-heavy businesses like crypto mining.
The bill also makes amendments to the definition of "blockchain technology."