An act relating to the taxation of commercial mining activities of cryptocurrencies has been signed into law by the governor of Kentucky, Andy Beshear.
According to the bill signed by the governor, crypto miners in Kentucky would have “sales and use tax exemptions on tangible personal properties directly used and the electricity used in commercial mining of cryptocurrencies.” This means that crypto miners in the state would enjoy some level of exemptions on their digital mining related activities in the state.
The bill, which was first introduced to the state’s House on the 8th of January was passed by an overwhelming majority of the Senate on the 13th of March. The governor signed that bill into law on the 25th of this month. It is expected that the new law will become effective on July 1 of this year.
This law is a major indication that governments around the world now recognize that crypto mining alongside other crypto-related activities could serve as a viable means of providing new job opportunities for the masses.