The U.S. state of Wyoming has passed a law allowing domestic insurance companies to invest in bitcoin and other “digital assets.:
According to the amendment voted on last month by the Wyoming State Legislature, insurers may invest in “digital assets” outlined by the bill.
The law, which is set to go into effect July 1, defines digital assets as the following,
A representation of economic, proprietary or access rights that is stored in a computer readable format, and includes digital consumer assets, digital securities and virtual currency.
According to the new law, insurance companies will be allowed to invest in bitcoin and other “digital consumer assets,” which the legislators defined as assets “used or bought primarily for consumptive, personal or household purposes.”
Caitlin Long, founder of Wyoming-based crypto bank Avanti, wrote on Twitter that insurer will use crypto-assets as a part of variable life policies.
YES! Insurance cos in #Wyoming will be able to invest in #bitcoin & #crypto as of 7/1/2020 (this was recently signed into law by @GovernorGordon). Most likely insurers will offer this as part of variable life policies rather than whole life, since NAIC capital charge will be high https://t.co/aAn3D4kIVS— Caitlin Long 🔑 (@CaitlinLong_) April 15, 2020
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