Blockchain-based payment company Ripple Labs has registered a business in Wyoming.
According to the records of the Wyoming Secretary of State, Ripple Markets WY LLC’s status was listed as a domestic company as “active” after the first filing in February 2020. As Ripple’s registered agent in Wyoming, the registered agent will be based in Cheyenne.
“More and more cryptocurrency companies are realizing that Wyoming is a better home than Delaware because of our cryptocurrency laws,” Caitlin Long said on Twitter.
Long is the CEO of Avanti Bank & Trust Digital and is affiliated with the State Legislature Blockchain Committee on Blockchain, Fintech and Digital Innovation. She said that cryptocurrency companies like Ripple should consider moving to Wyoming because there are no corporate or franchise taxes in the country, and cryptocurrencies are exempt from property taxes and VAT.
In addition, US Senator Cynthia Loomis will attend. The Wyoming legislator was one of the first to say that digital assets would be an important part of her legislative agenda. In response to the Ripple news, the director of public policy at Loomis said that many people in Wyoming are “extremists”.
Not that Ripple has moved its headquarters to a crypto – friendly country as its headquarters are still in San Francisco. However, both Ripple co-founder Chris Larsen and CEO Brad Garlinghouse said they were dissatisfied with the apparent lack of regulatory clarity around crypto and blockchain in the United States.
Wyoming has become one of the most attractive US states for crypto and blockchain companies. Last year, the Wyoming State Banking Council gave cryptocurrency exchange Kraken the right to operate as a cryptocurrency-friendly bank and gave Avanti the green light to receive and hold cryptocurrencies in a similar way. Following Tesla’s $ 1.5 billion purchase of Bitcoin (BTC) earlier this month, Senator Loomis’s CEO Elon Musk urged to consider moving to the state.