Florida authorities will consider the possibility of exempting crypto investors from tax obligations when dealing with Bitcoin.
The author of the initiative, Senator Keith Perry, said that if the law is passed, Florida will become one of the most attractive states for investors and holders of the first cryptocurrency.
“This bill removes tax barriers that currently make it difficult for crypto investors to sell or trade Bitcoin,” Perry explained.
He noted that Florida is already among the leaders of the US crypto industry due to the absence of income tax for owners of digital assets, the Financial Technology Sandbox program and the ability to pay government fees with cryptocurrency.
The senator said eliminating the capital gains tax would attract technology companies to the state, create new jobs and increase private investor interest in bitcoin.
“This will solidify Florida’s position as a crypto-friendly region and allow it to leapfrog states like Wyoming and Nevada, which already have strong support for Bitcoin and blockchain,” Perry added.
Earlier, the Bitcoin Laws organization reported that Florida authorities postponed consideration of the initiative to create a strategic reserve in bitcoins indefinitely.