Ohio’s House of Representatives has passed House Bill 116, known as the Ohio Blockchain Basics Act, which aims to exempt crypto transactions below $200 from capital gains taxes. Passed with bipartisan support, the bill seeks to facilitate easier crypto payments and offers protections for digital asset mining businesses. The exemption will adjust annually for inflation and is designed to safeguard local crypto miners from government overreach. It also stipulates that no money transmitter license is required for various crypto activities including mining, staking, and operating blockchain nodes. Additional provisions prevent state agencies from restricting crypto custody and demand proper processes for land rezoning impacting crypto mining operations.

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