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Montana Passes Bill to Recognize Utility Tokens and Exempt Them From State Securities
- May 27, 2019
- Posted by: keystone
- Category: Crypto, Other News
The United States State of Montana has recognized utility tokens and exempted them from state securities by passing a new bill this month. House bill 584, titled “Generally revise laws relating to cryptocurrency,” was signed by the Governor of Montana Steve Bullock on May 8.
The new law defines a utility token as a digital unit that is created, recorded on blockchain, capable of being exchanged without a third party, and issued to enable owners to access a good or service delivered by the issuer “without vesting the holder with any ownership interest or equity interest in the issuer.”