The authority of Nevada, USA has reportedly approved a number of bills, all connected with distributed ledger technology (DLT), in an attempt to further attract blockchain investment to the region.

Reported by Coindesk on June 14th, in an effort to establish an environment, fully devoted to the growth of blockchain firms in the area, Steve Sisolak – Nevada state governor – has signed several bills, which was previously proposed by Nevada legislators in February this year, which aim to turn Nevada into a promising land with investment opportunities, regarding the fintech filed.

SB161 – the most significant one out of all the approved bills – will set up a regulatory sandbox for fintech businesses in the region. The U.S. Department of Business and Industry will be responsible for the establishing and administering process.

SB162 looks to provide a legally defined meaning for “public blockchain”, within Nevada Revised Statutes. The bill will also legally strengthen the credibility of electronic certificates – making all governmental bodies to accept this kind of paper, including distributed ledger ones.

Bills SB163 and SB164 enable businesses to store their system information on blockchain frameworks, as well as reclassified virtual currencies as intangible personal property. Bill SB164 also provide property tax exemptions to crypto holders.

Nevada is one of the US states to spearhead the blockchain growth in the country, by setting up regulations to integrate blockchain into the current economy. The newly passed bill will reinforce the ongoing commitment in furthering the growth of fintech space.