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Virginia authorities pass bill to foster blockchain innovation

virginia-authorities-pass-bill-to-foster-blockchain-innovation
Edited by
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Virginia authorities pass bill to foster blockchain innovation

The U.S. state of Virginia has taken a significant step towards fostering blockchain innovation and expansion, as the state’s Senate Bill No. 339 has gained overwhelming support from the House of Delegates, signalling a commitment to studying and supporting the crypto ecosystem.

In a bid to advance blockchain technology and cryptocurrency adoption, Virginia’s Senate Bill No. 339, introduced on Feb. 5, has successfully passed through the House of Delegates on March 4, with a resounding majority of 97 yes, one nay, and two abstentions.

The bill creates a dedicated workgroup comprising representatives from the Senate, House of Delegates, the blockchain industry, and local government.

Championed by Senator Saddam Azlan Salim on Jan. 9, the bill aims to facilitate the expansion of blockchain technology, digital asset mining, and crypto activities in Virginia. A notable provision exempts miners from obtaining money transmitter licenses, fostering a favourable environment for crypto-related businesses by prohibiting targeted ordinances.

The proposed workgroup, mandated to conclude its studies by Nov. 1, 2024, is set to present comprehensive recommendations during the 2025 Regular Session of the General Assembly. This initiative underscores Virginia’s commitment to understanding and integrating blockchain technology within the state.

While Virginia pushes for crypto exploration, a study has revealed that Florida is the top U.S. state for cryptocurrency tax benefits, highlighting the diverse regulatory approaches within the United States. 

Notably, Virginia, despite not making the top five jurisdictions in terms of crypto tax benefits per the research report, has now distinguished itself with a proactive legislative move to foster blockchain growth. 

The Virginia Senate Finance and Appropriations Committee’s Subcommittee on General Government has allocated over $23.6 million, including $17,192 for 2025 and 2026 to the Blockchain and Cryptocurrency Commission founded in January 2024 by the state. The financial commitment underscores the state’s resolve to legislate and adopt new technologies.

Meanwhile, the Blockchain Association, a non-governmental body representing the crypto industry in the U.S., has voiced concerns over Senator Elizabeth Warren’s anti-money laundering bill (AML) bill.

In a Feb. 13 letter, the industry association along with 80 signatories questioned Senator Elizabeth Warren’s AML bill, arguing that it could potentially lead to job losses and hinder technological advancement.