The Ohio Blockchain Basics Act seeks to amend various sections of the Revised Code to regulate the mining, taxation, and management of digital assets and digital asset investments by state retirement systems. Key provisions include a prohibition on any fees, taxes, assessments, or charges on digital assets used for payment, unless similar charges would apply to transactions conducted with legal tender. The bill clarifies the definition of "digital asset" and ensures that local governments cannot impose similar charges. It also reinforces that counties and municipal corporations cannot impose fees or taxes on digital assets in the same manner as they do for auxiliary containers, emphasizing that charges related to digital assets must align with those applicable to traditional currency transactions.

Additionally, the bill introduces new definitions and regulations concerning digital asset mining and transactions, clarifying that activities such as digital asset mining, staking, or exchanging digital assets do not fall under the definition of "transmit money." It allows individuals to engage in digital asset mining in residential areas, provided they comply with local regulations, and permits businesses to operate in industrial zones under relevant requirements. The legislation exempts certain activities related to digital assets from requiring a money transmitter license, facilitating the growth of digital asset-related businesses in Ohio. Overall, the Ohio Blockchain Basics Act aims to create a favorable regulatory environment for digital assets while modernizing the state's approach to taxation and investment in this emerging sector.

Statutes affected:
As Introduced: 301.30, 504.04, 715.013, 718.01, 1315.01, 5747.01