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22LSO-0363
2022
STATE OF WYOMING
22LSO-0363
Numbered
2.0
HOUSE BILL NO. HB0113
Digital asset custodian tax.
Sponsored by: Representative(s) Henderson and Sweeney
A BILL
for
AN ACT relating to digital assets; requiring commercial Wyoming entities that engage in digital asset custodial services to pay a custodian tax; providing conforming amendments; and providing for effective dates.
Be It Enacted by the Legislature of the State of Wyoming:
Section 1.
W.S.
13
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12
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103(b)(vii)(A), 17
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16
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1630 by creating a new subsection (g), 17
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23
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117 by creating a new subsection (d), 17
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29
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209 by creating a new subsection (f), 17
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30
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704(a) by creating a new paragraph (v) and 34
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29
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104 by creating a new subsection (q) are amended to read:
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12
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103.
Special purpose depository institutions created as corporations; operating authority; powers; prohibition on lending.
(b)
Each special purpose depository institution may:
(vii)
Engage in any other activity that is usual or incidental to the business of banking, subject to the prior written approval of the commissioner. The commissioner shall not approve a request to engage in an incidental activity if he finds that the requested activity will adversely affect the solvency or the safety and soundness of the special purpose depository institution or conflict with any provision of this chapter. As used in this paragraph, "incidental activity" includes:
(A)
Custody, safekeeping and asset servicing, including custodial services under W.S. 34
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29
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104
so long as the special purpose depository institution pays the supervision fee and custodian tax thereunder
;
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16
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1630.
Filing of reports and payment of tax required; amount of tax; exemptions; records.
(g)
Any corporation, except a bank, engaged in custodial services as defined in W.S. 34
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104(p)(iii) shall, in addition to payment of the license tax under subsection (a) of this section, pay the secretary of state an annual custodian tax equal to two
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tenths of one mill on the dollar ($.0002) based on the digital assets held in custody as reported in the corporation's annual certification under subsection (a) of this section.
17
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23
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117.
Administration; filing, service and copying fees; annual taxes.
(d)
Any statutory trust engaged in custodial services as defined in W.S. 34
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29
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104(p)(iii) shall, in addition to payment of the annual tax under subsection (c) of this section, pay the secretary of state an annual custodian tax equal to two
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tenths of one mill on the dollar ($.0002) based on the digital assets held in custody as reported on a form and in a manner as prescribed by the secretary of state.
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29
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209.
Annual report for secretary of state.
(f)
Any limited liability company or foreign limited liability company engaged in custodial services as defined in W.S. 34
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104(p)(iii) shall, in addition to payment of the license tax under subsection (a) of this section, pay the secretary of state an annual custodian tax equal to two
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tenths of one mill on the dollar ($.0002) based on the digital assets held in custody as reported in the limited liability company's annual certification under subsection (a) of this section.
17
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30
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704.
Fees; annual fee and tax.
(a)
The secretary of state shall collect the following fees from statutory foundations and foreign statutory foundations:
(v)
For any statutory foundation or foreign statutory foundation engaged in custodial services as defined in W.S. 34
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104(p)(iii), an annual custodian tax equal to two
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tenths of one mill on the dollar ($.0002) based on the digital assets held in custody and reported together with the statutory foundation's annual report under W.S. 17
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30
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703.
34
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29
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104.
Digital asset custodial services.
(q)
A bank providing custodial services consistent with this section shall, in addition to payment of the supervision fee under subsection (n) of this section, pay an annual custodian tax equal to two
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tenths of one mill on the dollar ($.0002) based on the digital assets held in custody as reported pursuant to rules promulgated by the commissioner. The custodian tax shall be deposited by the commissioner into the financial institutions administration account and may be expended for any purpose authorized for that account. Taxes charged and collected under this subsection shall be reported as required by W.S. 13
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1
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603(e).
Section 2
.
Not later than July
1,
2022, the Secretary of State and the Banking Commissioner shall each
promulgate any rules and create or amend any forms necessary to implement this act.
Section 3
.
(a)
Except as provided in subsection (b) of this section, t
his act is effective July 1, 2022
.
(b)
Section 2 and 3 of this act are effective immediately upon completion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constitution.
(END)
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HB0113