Wyoming operates the most crypto-permissive licensing architecture among U.S. states via three co-existing tracks: (1) a bespoke Special Purpose Depository Institution (SPDI) banking charter for digital-asset custody/banking under the SPDI Act (Wyo. Stat. § 13-12-101 et seq.), which is NOT a standard money-transmitter licence; (2) the general Wyoming Money Transmitters Act (W.S. Title 40, Ch. 22) for non-SPDI crypto businesses conducting fiat money transmission; and (3) statutory exemptions removing pure virtual-currency transmission and 'consumptive purpose' utility tokens from the MTL and securities regimes entirely. The SPDI Act is administered by the Wyoming Division of Banking; the Fed has separately and repeatedly declined to grant SPDI-chartered Custodia Bank a Federal Reserve master account, a live and unresolved federal-access constraint on the charter's practical utility.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
No periodic updates recorded against this sub-brief.
Wyoming's statutory taxonomy is narrow but binding: a 2018 carve-out defines and exempts 'utility tokens' sold for consumptive purpose from securities law, and the 2023 Stable Token Act creates a distinct state-issued stablecoin category (WYST/rebranded FRNT). Beyond these two defined categories, classification of other token types (security tokens, NFTs, asset-referenced tokens) is not separately codified at state level and remains a facts-and-circumstances analysis, frequently deferring to federal securities/commodities characterization.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
No periodic updates recorded against this sub-brief.
Wyoming's most consequential on-chain-activity intervention is property-law, not licensing: the 2019 digital-asset property statute (amended effective July 1, 2021) classifies digital assets as property under the Wyoming Uniform Commercial Code, enabling perfection and priority of security interests in tokenized/digital assets and thereby facilitating on-chain tokenization of collateral. Wyoming has not enacted activity-specific licensing or prudential regimes distinct from general banking/securities law for staking, DeFi lending, DEX operation, mining, node operation, or validator activity.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
No periodic updates recorded against this sub-brief.
The Wyoming Stable Token Act (enacted March 2023) created the Wyoming Stable Token Commission and authorized issuance of a state-backed, fiat-redeemable stablecoin. The resulting token — marketed variously as WYST and, at mainnet launch, as the Frontier Stable Token (FRNT) — went live on seven blockchains on August 19, 2025, over-collateralized and backed by cash, short-term U.S. Treasuries and repurchase agreements, with third-party audit/attestation and reserve-management partners engaged.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
No periodic updates recorded against this sub-brief.
Consumer protection for digital-asset customers in Wyoming is delivered principally through SPDI prudential rules (100% fiat-deposit backing, prohibition on lending customer deposits) rather than a dedicated crypto-consumer-protection statute. A 2020 Division of Banking no-action letter recognized a Wyoming-chartered public trust company as a 'qualified custodian' for digital assets under the Advisers Act Custody Rule, but the SEC subsequently withdrew its own staff statement acknowledging that letter, introducing uncertainty about federal recognition of the state custody framework.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
No periodic updates recorded against this sub-brief.
Wyoming levies no state personal or corporate income tax, so crypto-related income and gains follow federal tax treatment only (property characterization per IRS guidance). Separately, Wyoming has enacted a state property-tax exemption for virtual currencies, removing crypto holdings from ad valorem taxation. There is no Wyoming-specific crypto tax reporting regime beyond federal obligations.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
No periodic updates recorded against this sub-brief.
Wyoming state law does not impose any distinct cross-border restriction, sanctions nexus, or reporting-threshold regime on cryptocurrency transfers; cross-border movement of digital assets by Wyoming-domiciled entities is governed by federal law (FinCEN, OFAC) rather than any state-level instrument, consistent with the general preemption pattern for cross-border payments regulation in the U.S. state system.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
No periodic updates recorded against this sub-brief.
Crypto AML/CFT obligations for this JID are covered under the fleet's Financial Integrity Module (FIM) aml_ctf subscription and are intentionally out of scope for this baseline per the module-subscription rule. Context only: Wyoming SPDI examinations reference a dedicated 'Wyoming SPDI BSA/AML and OFAC examination manual,' and Wyoming Stable Token Commission has engaged a third-party analytics vendor (Inca Digital) for stablecoin-related monitoring — both are disambiguation context, not baseline AML claims.
Absence reason not determinableNo sub-brief exists and the JID records no gap or review marker explaining why. The renderer will not invent a reason.
No periodic updates recorded against this sub-brief.
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