A win in the U.S. for crypto! 🥂
The Catawba Digital Economic Zone, backed by South Carolina's tribal Indian nation, just passed new crypto
regulations.
They aim to create "legal clarity" for crypto.
The regulations define digital assets (crypto and NFT's) as "intangible property" or personal property that don't exist physically.
This zone will eventually allow crypto firms to remotely incorporate under its laws.
@CoinDesk reviewed the regulations and found that "a digital asset could be a digital consumer asset brought for consumptive purposes. A virtual currency can be used as a unit of account, means of exchange or store of value that isn't legal tender in the U.S."
💥💥A digital security can't be a virtual currency or digital consumer asset."
A bit about Catawba Indian Nation
🔺️700 acre reservation
🔺️Around 3000 people
🔺️Only federally recognized native tribe in the state
🔺️Independent from Catawba government
They also discuss NFTs and more in this article, check it out
coindesk.com/policy/2022/07/…