Ripple Labs, the blockchain-based payments company, has registered a company in Wyoming.
According to the Wyoming Secretary of State’s records Ripple Markets WY LLC’s status as a local company will be listed as “active” upon initial filing in February 2020. As a Wyoming limited company, Ripple’s registered agent will be based in Cheyenne.
“”More and more crypto companies are realizing that Wyoming is a better address than Delaware due to our crypto-friendly laws “, He said Caitlin Long on Twitter.
Long is CEO of the digital bank Avanti Bank Trust and a member of the state parliament’s selection committee for blockchain, financial technology and digital innovation. He said What Cryptocurrency companies like Ripple should consider moving to Wyoming because the state has no corporate or franchise taxes and cryptocurrencies are exempt from property and sales taxes..
Then there is the US Senator Cynthia Lummis. L.Wyoming lawmakers are one of the first to say digital assets will be an integral part of their legislative agenda. In response to the Ripple News, Lummis’ director of state policy said many people are “maximalists in Wyoming”.
It doesn’t appear that Ripple is moving its headquarters to the crypto-friendly state as its main office remains in San Francisco. Yet, Both Ripple co-founder Chris Larsen and CEO Brad Garlinghouse expressed dissatisfaction with the apparent lack of regulatory clarity regarding cryptocurrencies and blockchain in the US..
Wyoming is becoming one of the most attractive US states for cryptocurrency and blockchain companies. Last year, The Wyoming State Banking Board issued a letter to Kraken to the cryptocurrency exchange to act as a crypto-friendly bank and also gave Avanti the green light to receive and hold cryptocurrencies. After Tesla’s $ 1.5 billion purchase of Bitcoin (BTC) earlier this month, Senator Lummis invited CEO Elon Musk to consider moving to the state.
Cointelegraph asked Ripple for a comment but had received no response as of press time.
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