Ripple Labs has registered its business in Wyoming, one of the most attractive US states for cryptocurrency and blockchain companies.
According to records from the Wyoming Secretary of State, Ripple Markets WY LLC’s status as a local business is listed as “active” after an initial filing in February 2020. As a limited liability company in Wyoming, Ripple’s registered agent will be based in Cheyenne.
Caitlin Long, founder and CEO of digital bank Avanti, said Caitlin Long on Twitter: “More crypto companies are realizing Wyoming is a better domicile than Delaware due to our crypto-friendly laws.”
Is Ripple Lab Moving to Wyoming?
Long is a member of the Wyoming Blockchain, Financial Technology, and Digital Innovation Special Committee. She said there are no corporate or franchise taxes in the state, and cryptocurrencies are exempt from property tax and sales tax, so crypto companies should move to Wyoming.
Ripple is currently headquartered in San Francisco, and it’s still unclear if it will relocate to Wyoming. However, CEO Brad Garlinghouse and others have complained about cryptocurrency regulations in the United States and have mentioned the relocation of their headquarters.
Wyoming is actually becoming an attractive area for crypto companies.
In 2020, the Wyoming Banking Commission granted a license to encrypt Currency Exchange Kraken, allowing it to operate as a bank-friendly encryption currency, and the Avanti green light, allowing it to receive and custody crypto in a similar fashion.
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