
In what might be an important move to analyze and explore the state of crypto liberation of its residents, Virginia has taken the leading step in developing a dedicated research squad to study the introduction of cryptocurrencies. The Virginia state Senate confirmed the bill today, allowing a research group to study blockchain technology and cryptocurrency aspects. The Senate bill started on February 5; the current version, Senate Bill No.
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- The Virginia state senate’s vote in favor of a law setting up a task team to research blockchain and cryptocurrencies demonstrates a progressive move toward adopting crypto.
- Senate Bill No. 339 was proposed by Senator Saddam Azlan Salim, who struck off the money transmitter licenses for miners as a direct provision to set up a favorable climate for all crypto companies.
- While the state lags behind some others in crypto taxes, it has Blockchain and Crypto Commission funding, and many agencies are being supported to assist in crypto issues in the State.
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Virginia passed the Blockchain bill to promote Crypto Adoption
The third and final draft of the bill that created the Genetic Privacy Commission was developed based on the original version from January 1st. The bill received the most weight and consent from Virginia’s House of Delegates, with 97 representatives out of 100 voting in favor.
Proposed by Senator Saddam Azlan Salim, the Senate Bill specifically aims to exempt miners from the requirement of obtaining money transmitter licenses. This exemption is designed to cultivate a more favorable environment for miners and other businesses operating in the crypto space.
The proposed task group consists of five members of the House of Delegates appointed by the Speaker of the House and five of the Senate appointed by the Senate Committee on Rules. Additionally, the Bureau will appoint two non-legislative citizen members from the technology industry and one non-legislative citizen member representing local government.
The bill outlines a deadline for the task group to conclude its meetings by November 1, 2024. The Bureau must submit an executive summary and a report of the group’s findings and recommendations to the Governor and the General Assembly no later than the first day of the 2025 Regular Session.
Virginia’s Pro-Crypto Initiatives
Despite lagging behind the top five U.S. states regarding crypto taxes, a recent CoinLedger study found that the state has shown commitment by allocating $17,192 to the Blockchain and Crypto Commission for 2025 and 2026. The Virginia Senate Finance and Appropriations Committee’s Subcommittee on General Government has also earmarked over $23.6 million for various legislative agencies.
A trendy turn of events might involve Fairfax County, Virginia, with its employees and police officers claiming entitlement to dividends generated by the increased value of Bitcoin in their retirement funds. This is just after the announcement made by the digital asset management pioneer Morgan Creek Digital, which had earlier declared it was setting up a new $40 million crypto venture fund.
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