Key Takeaways
- The group has been given a deadline of Nov. 1, 2024, to conclude all of its studies related to the crypto ecosystem
- The bill seeks to facilitate the expansion of blockchain tech, digital asset mining, and crypto activities in Virginia.
The Virginia Senate passed a significant bill aimed at advancing the understanding and utilization of blockchain technology and cryptocurrencies within the state. Senate Bill No. 339, introduced on Feb. 5, proposed the creation of a dedicated workgroup tasked with studying the crypto ecosystem and providing recommendations to support its growth.
On March 4, the Virginia House of Delegates passed the bill with a resounding majority of 97 yeas, one nay, and two abstentions, signaling broad support for the initiative. The proposed crypto workgroup is set to comprise 13 members, including representatives from the Senate, House of Delegates, the blockchain industry, and local government.
The bill, championed by Senator Saddam Azlan Salim since Jan. 9, seeks to facilitate the expansion of blockchain technology, digital asset mining, and cryptocurrency activities in Virginia. It specifically exempts miners from obtaining money transmitter licenses and prohibits targeted ordinances, aiming to foster a more conducive environment for crypto-related businesses.
With a deadline of Nov. 1, 2024, the workgroup is tasked with conducting comprehensive studies on various aspects of the cryptocurrency ecosystem. Their findings and recommendations are expected to be presented no later than the first day of the 2025 Regular Session of the General Assembly.
Interestingly, while Virginia moves forward with initiatives to explore and promote cryptocurrency adoption, a recent study by CoinLedger named Florida as the top state for cryptocurrency taxes in the United States. Texas and Wyoming followed closely, lauded for their 0% state income tax and crypto-friendly policies. However, Virginia did not make it into the top five states listed in the study.
Additionally, a recent proposal in Virginia outlined plans to allocate annual funds to newly established commissions on artificial intelligence and cryptocurrency. The proposed funding aims to support ongoing efforts to study and regulate these emerging technologies within the state.
In recent developments, the Virginia Senate Finance and Appropriations Committee’s Subcommittee on General Government allotted more than $23.6 million to different legislative agencies. Among the sum, a planned general fund of $17,192 for 2025 and 2026 was given to the Blockchain and Cryptocurrency Commission, which was founded in January 2024.
