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George Ma
in
Crypto
April 19 15:00

Wyoming approved bitcoin use for insurance companies

From July 1, Wyoming insurance firm can legally invest in "digital assets" such as bitcoin.
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According to new changes in insurance code in March, companies can now invest in digital securities and virtual currencies. Virtual currency is defined by Wyoming authorities as "digital asset that is: (A) Used as a medium of exchange, unit of account or store of value; and (B) Not recognized as legal tender by the United States government.”.

However, insurance firms are prohibited from "digital consumer assets" investment, i.e. those "used or purchased for consumer, personal or domestic purposes".
Changes were the first of its kind in the US. According Kramer Levin,law firm, in a volatile market, insurers may finally understand benefits of digital assets.