Jared Polis, the Colorado governor has always shown support to Blockchain technology. The impact can be seen in that many Blockchain-related firms have their headquarters in Colorado. Polis recently went further toward Blockchain adoption as he signed the Digital Token Act.
An act Toward Blockchain adoption
This act signed by the governor makes the condition more friendly for fintechs to establish in the state. The act is exempts them from securities laws. It also implies that brokers and traders won’t need a license to operate without state licensing under limited circumstances.
According to the act, all those advantages would be accessible only under certain condition that the beneficiary would need to reach and will be subject to some limits fixed by the authorities.
Boosting Economy with Blockchain
The fundamental purpose behind this moves is probably the state’s plan to become a haven for Blockchain-related technology. The outlook is that this would aid in boosting the economy through the creation of more jobs by attracting more investors.
The governor wants to raise state to the status of a center for decentralized web and technology. The Blockchain technology with its features is perfect for accomplishing this objective as the governor stated:
“Creating a Colorado Digital Token Act with limitations to protect consumers will enable Colorado businesses that use crypto-economic systems to obtain growth capital to help expand their businesses.”
Nevertheless, there are condition that should be met before stated concessions in the act come into effect. The pro-Bitcoin law will come into effect by August 2 with the sole purpose of boosting the economy of the state and making the establishment of decentralized Web 3.0 companies easy.
The new move came a few months after the state moved to create an enabling environment for the crypto industry after series of crackdowns on scam initial coin offerings last year.