The U.S. state of Virginia has taken a major step in direction of fostering blockchain innovation and growth, because the state’s Senate Invoice No. 339 has gained overwhelming help from the Home of Delegates, signalling a dedication to learning and supporting the crypto ecosystem.
In a bid to advance blockchain know-how and cryptocurrency adoption, Virginia’s Senate Invoice No. 339, introduced on Feb. 5, has efficiently handed by means of the Home of Delegates on March 4, with a powerful majority of 97 sure, one nay, and two abstentions.
The invoice creates a devoted workgroup comprising representatives from the Senate, Home of Delegates, the blockchain trade, and native authorities.
Championed by Senator Saddam Azlan Salim on Jan. 9, the invoice goals to facilitate the growth of blockchain know-how, digital asset mining, and crypto actions in Virginia. A notable provision exempts miners from acquiring cash transmitter licenses, fostering a beneficial atmosphere for crypto-related companies by prohibiting focused ordinances.
The proposed workgroup, mandated to conclude its research by Nov. 1, 2024, is about to current complete suggestions through the 2025 Common Session of the Common Meeting. This initiative underscores Virginia’s dedication to understanding and integrating blockchain know-how throughout the state.
Whereas Virginia pushes for crypto exploration, a study has revealed that Florida is the highest U.S. state for cryptocurrency tax advantages, highlighting the varied regulatory approaches inside america.
Notably, Virginia, regardless of not making the highest 5 jurisdictions when it comes to crypto tax advantages per the analysis report, has now distinguished itself with a proactive legislative transfer to foster blockchain progress.
The Virginia Senate Finance and Appropriations Committee’s Subcommittee on Common Authorities has allotted over $23.6 million, together with $17,192 for 2025 and 2026 to the Blockchain and Cryptocurrency Fee based in January 2024 by the state. The monetary dedication underscores the state’s resolve to legislate and undertake new applied sciences.
In the meantime, the Blockchain Affiliation, a non-governmental physique representing the crypto trade within the U.S., has voiced considerations over Senator Elizabeth Warren’s anti-money laundering invoice (AML) invoice.
In a Feb. 13 letter, the trade affiliation together with 80 signatories questioned Senator Elizabeth Warren’s AML invoice, arguing that it might doubtlessly result in job losses and hinder technological development.