365Crypto
No Extra Taxes on Crypto Transactions
Ohio lawmakers have introduced House Bill 116, which would prevent the state from imposing additional taxes on cryptocurrency payments. Existing taxes, such as sales tax, would still apply, but no extra fees would be added beyond those for regular currency transactions.
Crypto-Friendly Policies
The bill also ensures Ohio residents have the right to self-custody their digital assets using hardware wallets¹ or self-hosted wallets². It clarifies that crypto activities like mining, staking, and exchanging digital assets will not require a money transmission license³.
Mining and Investment Regulations
- Crypto mining is allowed in residential areas if it follows local zoning rules.
- Mining businesses are permitted in industrial zones and cannot be unfairly restricted.
- State pension funds must evaluate the risks and benefits of investing in crypto exchange-traded funds (ETFs) and report their findings within a year.
Growing Crypto Interest in Ohio
Ohio has been proactive in crypto legislation. Past proposals include allowing state tax payments in Bitcoin and creating an Ohio Bitcoin Reserve Fund with a five-year holding period.
¹ Hardware wallet – A physical device that securely stores cryptocurrency offline.
² Self-hosted wallet – A digital wallet controlled entirely by the user, not a third party.
³ Money transmission license – A regulatory requirement for businesses that transfer money on behalf of others.
