Vermont Passes New Blockchain Law Following Successful Title Registry Project
Vermont Governor Phil Scott ceremonially signed into law bill S.269 (Act 205), legislation supporting the development of blockchain businesses in Vermont. The new law mandates the review of blockchain technology usage for the recording of land records and other public records. Propy CEO Natalia Karayaneva was featured at the public signing ceremony, speaking on Propy’s role in providing blockchain education and in creating the first property deed in the United States bearing blockchain information. The signing of S.269 reinforces Vermont’s position as a global technology innovation leader and marks Propy’s progress in supporting blockchain-friendly initiatives in the United States and globally.
S.269 creates studies for expanding the use and adoption of blockchain technology and enables the creation and regulation of personal information protection companies (PIPCs) and blockchain-based limited liability companies (BBLLCs). Notably, the bill also creates a study for the potential use of blockchain technology in government records. S.269 (Act 205) enables Propy to move forward with creating new software for title management. Powered by Blockchain technology, the software protects public data through a decentralized storage and key management system.
“This new legislation holds the promise of making government more efficient, cost effective and ultimately saving Vermonters money,” stated Vermont’s Governor Phil Scott. “I thank South Burlington’s partner, Propy and its CEO Natalia for spearheading this project and for being here with us today.”
As part of their pilot program with South Burlington and Burlington, Propy has recorded the first ever government-supported real estate deals in the US on the blockchain. In February, a South Burlington resident used the Propy Blockchain Registry to record the sale of her home. In July, Propy transferred a parcel of land in Burlington from one legal entity to another, making this the first commercial real estate deed transfer to be recorded on the blockchain. Following the passing of S.269, now Act 205, Propy will begin its next pilot with other smaller towns in Vermont.
Natalia Karayaneva, the CEO of Propy, stressed the significance of Propy’s involvement in the ceremonial bill signing of S.269: “Through the pilot program, Vermont has demonstrated that blockchain companies have the full support of its state and local governments. Governor Scott has made tremendous progress in prioritizing business, insurance, and financial technology innovations at the legislative level. The enactment of S.269 is clear evidence of his commitment to maintaining Vermont’s premier position as a supportive environment for blockchain technology companies.”