Virginia Lawmakers to Explore the Use of Blockchain and Cryptocurrencies

The Senate of the State of Virginia has begun consideration of a bill on benefits for miners and traders of cryptocurrencies. Local legislators, before considering the document, created a working group to explore options for using blockchain and digital assets.

Virginia Lawmakers to Explore the Use of Blockchain and Cryptocurrencies

Senator Saddam Azlan Salim presented the project, describing the requirements for miners and the rules of operations with digital assets, as well as their taxation. It is proposed to exempt miners from obtaining money transfer licenses, and issuers of digital assets from securities registration requirements. It is proposed to allow the use of cryptocurrencies for daily transactions by giving tax incentives to crypto traders and miners.

However, a group of local parliamentarians submitted to the Senate a counter bill SB339, which suggests first examining the feasibility of using blockchain and cryptocurrencies. The Virginia State Commission on Corporate Affairs proposed to form a group of 13 people, which will include five senators, five delegates from the lower House of Deputies of the Virginia General Assembly, two blockchain experts and one member of the local government. All members of the working group who do not have legislative authority must reside in Virginia.

The members of the group will have to meet during 2024. The Group must complete its work by November 1 and submit a consolidated report to the Governor of the state and the General Assembly no later than January 1, 2025.


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