Texas brought digital assets to the legal field

Texas introduced digital assets to the legal field

On September 1, Texas entered into force a law allowing the adaptation of commercial law to blockchain and cryptocurrencies. It defines digital assets and forms the regulatory environment for investments in this area.

“Virtual currency is a digital representation of value that acts as a medium of exchange and store of value, as well as a unit of account, often protected using blockchain technology,” the text of the law says.

The document establishes the regulatory framework for the ownership of cryptocurrencies and the execution of transactions with their participation. Specifically, it sets out how digital asset holders can be identified and their legal rights.

Texas Governor Greg Abbott signed into law on June 15. He previously stated that the state “needs to be involved in the fast-growing blockchain industry.”

Recall that in the same month, the Texas Department of Banking allowed state banks to store cryptocurrencies.