Blockchain-based renowned payments firm Ripple Labs registers itself as a business in Wyoming.
In line with the records from the Wyoming Secretary of State, Ripple Markets WY LLC’s status as a native business is listed as “active” after a primary filing earlier in February last year. As a limited liability company in Wyoming, Ripple’s registered agents are going to be based in Cheyenne.
“While more and more cryptocurrency firms are realizing Wyoming is a better domicile than Delaware due to our crypto-friendly laws,” added Caitlin Long within a Twitter post.
Long is the CEO of digital bank Avanti Bank & Trust and related to the state legislature’s committee on Blockchain, Financial Technology, and Digital Innovation. She added that the cryptocurrency firms like Ripple should consider relocating to Wyoming due to the state not having any corporate or franchise taxes, as well as crypto assets being exempt from property and taxes.
Additionally, there’s the presence of United States Senator Cynthia Lummis. The Wyoming lawmaker is one among the primary to mention digital assets are going to be a key part of her legislative agenda. Responding to the Ripple news, Lummis’ state policy director added that many of us were “maximalist on Wyoming.”
It doesn’t appear as if Ripple will move its headquarters to the cryptocurrency-friendly state as its principal office remains listed as San Francisco. On the other hand, both Ripple co-founder Chris Larsen & CEO Brad Garlinghouse have added that they’re displeased with the seeming lack of regulatory clarity on cryptocurrencies and blockchain within the United States.
Wyoming is becoming one among the foremost attractive United States for cryptocurrency and blockchain-related firms. Earlier last year, the Wyoming State Banking Board granted cryptocurrency exchange Kraken a charter to work as a cryptocurrency-friendly bank and gave Avanti the green light to receive and custody crypto assets in a similar fashion. Within the wake of Tesla’s $1.5 Bln Bitcoin [BTC] purchase earlier this month, Senator Lummis invited CEO Elon Musk to think about relocating to the state.