# Wyoming

> Wyoming (Wyoming Division of Banking · Secretary of State): Property law written for self-custody. Region: Americas. Builds with privacy tech: The regime itself mandates, pilots or funds privacy-preserving technology.

Part of the Soda Labs Privacy Hub regulation map, which reads the instruments
themselves rather than summarising the summaries: https://www.sodalabs.xyz/privacy-hub/regulation

## Key facts

- Entry type: Jurisdiction
- Region: Americas
- Subject: Property law written for self-custody
- Authority: Wyoming Division of Banking · Secretary of State
- Stance on on-chain confidentiality: Builds with privacy tech. The regime itself mandates, pilots or funds privacy-preserving technology.
- Tags: property rights, no money transmitter licence, self-custody friendly, state stablecoin
- Canonical page: https://www.sodalabs.xyz/privacy-hub/regulation/jur-wyoming

## What it actually says

Wyoming is the clearest example in the United States of a legislature building around self-custody rather than treating it as a gap. Classifying digital assets as property under the commercial code sounds technical and is not: it gives a holder a defined legal interest in an asset they control directly, rather than leaving the question to be answered by whoever holds it for them. Declining to require a money transmitter licence for standalone virtual currency keeps non-custodial activity outside the perimeter that elsewhere drags identity collection along with it. The state has since issued its own stable token, which makes it both regulator and issuer.

## The instruments that matter

- **Digital assets as property under the commercial code**: Wyoming was the first state to classify digital assets as intangible property under Article 9 of the Uniform Commercial Code, giving holders a defined legal interest rather than an undefined one
- **No money transmitter licence for standalone virtual currency**: which keeps non-custodial activity outside the licensing perimeter that would otherwise pull identity collection with it
- **A state-issued stable token**: the Frontier Stable Token launched in August 2025, reported as the first stablecoin issued by a US state, with reserve backing above par

## Sources

- [Wyoming digital assets law overview](https://www.lexology.com/library/detail.aspx?g=72a5d03a-98c2-45d5-8bdd-ff98ac7b9730)
- [State-level developments tracker](https://www.paulhastings.com/insights/crypto-policy-tracker/state-level-developments-the-regulatory-landscape-for-digital-assets)

## Related entries

- [Texas](https://www.sodalabs.xyz/privacy-hub/regulation/jur-texas): No licence for non-stablecoin crypto
- [Argentina](https://www.sodalabs.xyz/privacy-hub/regulation/jur-argentina): Self-custody providers written out of the regime
- [Bahamas](https://www.sodalabs.xyz/privacy-hub/regulation/jur-bahamas): Issuance of privacy tokens barred, trading not
- [Bermuda](https://www.sodalabs.xyz/privacy-hub/regulation/jur-bermuda): A travel rule with no minimum, reaching self-hosted wallets
- [Brazil](https://www.sodalabs.xyz/privacy-hub/regulation/jur-brazil): A named anonymity rule, and a CBDC that could not solve privacy
- [British Virgin Islands](https://www.sodalabs.xyz/privacy-hub/regulation/jur-british-virgin-islands): Structural confidentiality kept, transactional confidentiality not