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Texas Adapts Commercial Law to Blockchain and Digital Assets, and Defines Virtual Currencies

Greg Abbott, the governor of Texas, has signed into law a measure that creates a legal framework for crypto and blockchains. The goal of the bill was to draw the crypto industry to Texas, similar to how Wyoming had done, and similar to how Francis Suarez, the mayor of Miami is trying to do.

This law amends the state’s Uniform Commercial Code in order to adapt the commercial law to blockchain and digital assets, offers a formal definition for virtual currencies, and gives individuals and businesses a legal environment for crypto investment.

There are currently around 25 other US states that are taking into consideration similar blockchain measures in the legislative sessions of this year.

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