Crypto: Arizon brakes net and tightens screw

Arizona Governor, Katie Hobbs, vetoed two Kryptos accounts that were to increase the use of digital assets by the state, while undergoing a strict law focused on the regulation of automatic cryptocurrencies.

Governor Hobbs is against his sentences against accounts in crypt reserve and payments for risks

Rejected proposals include the bill of the Senate 1373, which would create a strategic reserve for a reserve of digital assets. The purpose of this fund was to allow the state to maintain and control cryptocurrencies obtained by seizures of asset or legislative contributions.

In her letter, Katie Hobbs declared the President of the Senate of Warren Petersen that the current volatility of the cryptocurrency markets makes him an unauthorized election for funds. She added that she had already signed the legislation in this meeting that allows the state to use cryptocurrencies without threatening general means.

This recent development is followed by its rejection of the law of the Senate 1025, a bitcoin strategic reserve in Arizona. The project would allow the state to invest up to 10 % of its cash and pension funds in bitcoins or other cryptocurrencies. Stephen Cole, co -founder of Orqestra, expressed his disappointment and said he was sad when he learned that Governor Katie Hobbs vetoed legislation in the Bitcoin reserve in Arizona, SB1025.

According to Bitcoin’s law data, while 26 US states introduced strategic accounts in the crypto reserve, 18 others are still ongoing. By rejecting this law, Arizona joined the list of other US states that formally blocked similar legal regulations.

In addition, the Governor of Arizona also rejected the Senate 1024. This project was designed to enable state agencies to receive cryptocurrencies such as tax payment, fines and government services by approved payment processors.

The project included protection in order to reduce crypt price prices, probably demanded that service providers immediately turn crypto into dollars. Hobbs, however, estimated that this approach had too many uncertainties and potential disadvantages, which made her decide not to continue.

Hobbs wrote:

Today I opposed my veto against the draft law of the Senate 1024. Although this project allows state agencies to conclude agreements on the protection of the state from the risks associated with the cryptocurrency, the legislators of both parties acknowledged that they still left too many risks open.

The law adopted on the crypto distributors aims to protect consumers

The only law on cryptocurrencies received by Hobbs approval was Bill 2387 of the Chamber, which lays down strict rules for using automatic cryptomic kiosks and distributors. This law was created to reduce fraud and at the same time to improve transparency.

The text corrects daily limits for using crypto kiosk, with a limitation of $ 2,000 per day for new users and up to $ 10,500 daily after 10 days for recurring users. It also requires Kioska operators to provide free 24/7 customer support and clearly display the phone number on each device.

In addition, the kiosky must show clear warnings in several languages ​​concerning contemporary crypt fraud and make users confirm that they include risks before the transaction. It also provides that operators must provide detailed income and provide details of the transaction, contact data, costs and conditions of payment.

On 7 May, HobBS also approved the bill 2749 by the Chamber, which updated the laws on non -delayed goods in Arizona to include digital assets. While her recent Vets show a cautious approach, this approval suggests that it does not completely deviate from the role of cryptocurrencies in state policy. The text allows the state to maintain a crypto that is not claimed in their original form rather than converting them into a traditional currency.

Arizona against Dubai: contrasting global approaches to accepting cryptocurrencies

While the Arizonan government refuses to use digital assets, the Dubai Ministry of Finance (DOF), on the other hand, signed a memorandum of understanding (MY) with Crypto.com to allow the payment of government services in cryptocurrencies.

This partnership helps Dubai to proceed to the company without liquid money by making transactions in crypto and simple. It allows the government to add a new digital payment option for services, facilitate and secure payment through Stablecoins.

So we can say that the arizona priority in the regulations is to protect consumers and minimize risks, while accepting cryptocurrencies in Dubai shows how digital assets can support innovations. These two approaches illustrate different ways that countries can take to develop responsible Krypto policies and a tour of the future.

Renunciation

The words and opinions expressed in this article are involved only by their author and should not be considered investment counseling. Do your own research before any investment decision.