March 27, 2024
Latest Cryptocurrency News

Virginia Bill Proposes Crypto and Blockchain Study Group

Lawmakers in Virginia, United States, have suggested establishing a task force to explore blockchain technology, digital asset mining, and cryptocurrencies. This proposal, introduced as Senate Bill No. 339 (SB339) on February 5, 2024 is presented by the Senate Committee on Commerce and Labor. SB339 grants the Bureau of the Financial Institutions of the State Corporation Commission the authority to form a work group “for the purpose of studying and making recommendations” on various aspects of the crypto space.

As per the bill, the work group will comprise 13 members, including five senators, five House of Delegates delegates, two blockchain experts appointed by the bureau, and one representative from the local government, all of whom must reside in Virginia. The group is scheduled to convene throughout 2024 and wrap up its findings by Nov. 1, delivering a summary report to the Governor and the Virginia General Assembly “no later than the first day of 2025.”

This revised version of SB339, labeled as an “amendment in the nature of a substitute,” replaces the original bill introduced by Senator Saddam Azlan Salim in January. Salim’s initial proposal outlined regulations for digital asset mining and transactions, along with their tax treatment. It aimed to exempt digital mining operators from money transmitter licenses and digital assets issuers from securities registration requirements. Additionally, the legislation sought to encourage the use of cryptocurrencies in daily transactions by providing tax benefits, such as allowing individuals to exclude up to $200 per transaction from their net capital gains for tax purposes.

The substitute amendment discards Salim’s version in favor of establishing the crypto-focused work group.

In a recent study by CoinLedger, Florida was identified as the “best state” for cryptocurrency taxes in the U.S., followed by Texas and Wyoming. These states, with their 0% state income tax, crypto-friendly policies, and provisions allowing banks to serve as crypto custodians, outperformed Virginia, which did not make it into the top five.

Image by pinnacleanimates on Freepik

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