Virginia passes crypto-friendly bill to encourage blockchain expansion
The Virginia Senate in the United States has created a task force to study the entire crypto ecosystem and make recommendations to encourage the spread of the technology.
In the year
Virginia House of Delegates On March 4, 97 members approved the bill with one vote against and two abstentions.
Senator Saddam Azlan Salim On January 9, they introduced the bill, which aims to exempt miners from obtaining money transfer licenses and prohibits targeted legislation:
“Under this chapter, no license is required for any person engaged in domestic digital asset 37 mining, digital asset mining, or digital asset mining businesses, as those terms are defined in § 38 15.2-2288.9.”
The new crypto working group will consist of 13 members: five from the Senate, five from the House of Representatives, two non-legislators from the blockchain industry and one non-legislator representing a local government.
The group was given a deadline of Nov. 1, 2024, to conclude all studies related to the cryptocurrency ecosystem and share recommendations “no later than the first day of the 2025 regular session of the General Assembly.”
Related: US Virginia Introduces Bill to Protect Mining Rights of Digital Assets
While other US states like New York and Florida have been at the forefront of promoting various aspects of crypto, the state is among the biggest investors interested in Bitcoin (BTC) and Ether (ETH).
According to a report shared by CoinGecko, internet users from California accounted for 43% of all Bitcoin and Ethereum web traffic searches on the crypto tracking website. Other states with high interest in the two cryptocurrencies include Illinois and Washington, followed by Pennsylvania, Texas, Virginia, Georgia and Arizona.
A recent proposal in Virginia calls for annual general funding of $22,048 and $17,192, respectively, for the two newly established commissions on artificial intelligence and cryptocurrency in the state of Virginia.
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