According to Cointelegraph, Ohio lawmakers have introduced a bill designed to prevent the state legislature from imposing additional taxes on digital assets when used for payments. Ohio House Bill 116, introduced on February 24 by Representative Steve Demetriou and co-sponsored by Tex Fischer, Brian Lorenz, Ty D. Mathews, Riordan McClain, and Josh Williams, aims to amend existing laws to ensure municipalities cannot levy extra taxes or fees on crypto transactions beyond those applied to traditional fiat payments.
The bill prohibits the General Assembly from enacting legislation that imposes fees, taxes, assessments, or other charges on digital assets used for purchasing goods and services. It defines “digital assets” to include cryptocurrencies, stablecoins, and non-fungible tokens. While standard taxes, such as sales tax, would still apply to crypto transactions, the bill seeks to prevent the introduction of additional levies.
Moreover, the “Ohio Blockchain Basics Act” stipulates that no state agency or political subdivision may ban individuals from accepting crypto assets as payment. It also guarantees Ohio residents the right to self-custody digital assets using hardware or self-hosted wallets and to participate in crypto staking. Additionally, activities such as mining, staking, and exchanging one cryptocurrency for another would not require a “money transmission” license under Ohio law.
The bill also addresses crypto mining, allowing individuals to mine in residential areas as long as they comply with local zoning laws. Mining businesses are explicitly permitted in industrial zones and cannot be unfairly restricted by local zoning changes. Furthermore, Ohio state retirement funds will be required to assess the risks and benefits of investing in a crypto exchange-traded fund and report their findings to the General Assembly within a year.
Ohio lawmakers have been actively proposing crypto-related legislation. In September, Senator Niraj Antani introduced a bill to allow cryptocurrency payments for state taxes and fees. In December, House Republican leader Derek Merrin proposed HB 703 to establish a strategic Bitcoin reserve for the state. More recently, in February, Senator Sandra O’Brien introduced a bill to create an “Ohio Bitcoin Reserve Fund” with a mandated five-year holding period.
