The Ohio House passes the Cryptocurrency Bill with a $200 tax exemption.

The Ohio House of Representatives approved Bill 116, or the Blockchain Basic Law, with a vote of 68-26 last Wednesday. This bill exempts capital gains tax up to $200 from digital assets and protects the use of self-custody wallets as well as crypto mining activities. If passed, the law will prohibit state and local governments from restricting payments made with digital assets.

The bill also allows for crypto mining at home according to local regulations and industrial mining activities in designated areas. Sponsored by Representative Steve Demetriou, the bill reflects Ohio's commitment to embracing blockchain innovation. This action follows similar laws in Kentucky and shows that Ohio wants to become a national leader in the regulation of blockchain.