Wyoming, one of the most crypto-friendly states in the U.S, has finally given the green light on the country’s first decentralized autonomous organization (DAO).
The Wyoming Secretary of State’s office has recognized the legality of the American CryptoFed DAO and can now officially operate in the country.
Marian Orr, chief executive officer of the American CryptoFed DAO, thanked Wyoming for its initiatives in creating the DAO law. She said: “Wyoming is arguably the top blockchain jurisdiction in the world. What this means is that creating a true digital currency with mass production is now possible.”
Support from industry peers
The American CryptoFed was congratulated by the Merchant Advisory Group (MAG) which represents 165 of the largest merchants in the U.S.
The organization is optimistic about CryptoFed’s recognition and hopes that it will be a game-changer in the payment service industry.
CryptoFed was established by “mySHIFT”, a mobile banking solutions provider which aims to push for a two-token economy that is shielded from the risks of inflations and deflations.
The DAO’s native algorithmic stable coin, which is called Ducat, has the capability for high-speed and no-fee transactions. These two ideal features of money transfer give CryptoFed big leverage to provide total convenience.
Wyoming, the pro-crypto state
While other countries are either banning or giving cryptos a cold shoulder, Wyoming has been very active in supporting and nurturing the growth of cryptocurrencies.
Last year, Kraken became the first crypto business allowed by Wyoming to operate as a bank. Avanti was also approved the following month.
Wyoming made another feat again this March by becoming the first state to create a law that legally recognizes decentralized autonomous organizations.
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