With the introduction of House Bill 116, Ohio has taken a big step toward becoming a crypto-friendly state. This new bill aims to protect digital assets from extra taxes while also encouraging people to use them as a legal form of payment. Representative Steve Demetriou introduced the bill which has the support of several other lawmakers. Its goal is to change current state laws and ensure that cryptocurrencies, stablecoins, and non-fungible tokens are treated fairly in Ohio’s financial system.
Avoiding Extra Taxes on Digital Payments
The bill clearly states that digital assets used for payments will not be subject to any extra taxes, fees, or charges. According to the bill, there will still be taxes, like sales and state taxes, though. By not adding unfair new fees, this ensures that crypto trades will still be legal. Ohio hopes to encourage more people to use cryptocurrencies without discouraging companies and people by taxing them too much.
Enhancing Crypto Rights and Business
In addition to protecting taxpayers, the Ohio Blockchain Basics Act includes a few crypto-friendly rules:
- Banning crypto payments is impossible: Businesses can accept crypto as payment, and neither the state nor the local government can stop them.
- Rights to self-custody and stake: People who live in Ohio will be able to hold their digital assets in self-hosted wallets and stake crypto.
- Without money, transmission licensing: You do not need a money transfer license to mine, stake, or trade crypto assets.
Ohio’s Proactive Cryptocurrency Adoption
This is not the first time that Ohio has been a leader in crypto law. The state has been pushing several bills to include crypto in government work:
- A bill from September 2024 wanted to let people pay their state taxes with cryptocurrency.
- The goal of HB 703 (December 2024) was to set up a Bitcoin store in Ohio.
- As of February 2025, a new bill aims to create an Ohio Bitcoin Reserve Fund with a long-term funding plan.
Conclusion
Ohio is setting itself up to be a leader in progressive coin laws with House Bill 116. The government is showing others how to act by treating digital assets fairly and encouraging people to use them in everyday life.Â
