Virginia Passes Bill to Promote Blockchain Innovation and Crypto Expansion

Virginia Passes Bill to Promote Blockchain Innovation and Crypto Expansion

Virginia, a U.S. state known for its strides in technology and innovation, has taken a significant leap forward in fostering blockchain innovation and cryptocurrency expansion. The state’s Senate Bill No. 339 has garnered overwhelming support from the House of Delegates, marking a commitment to explore and support the crypto ecosystem.

Introduced on Feb. 5, Virginia’s Senate Bill No. 339 has now successfully passed through the House of Delegates on March 4, with an impressive majority of 97 yes votes, one nay vote, and two abstentions. This legislative move signifies Virginia’s dedication to studying and promoting blockchain technology and digital assets.

Championed by Senator Saddam Azlan Salim since Jan. 9, the bill aims to facilitate the growth of blockchain technology, digital asset mining, and crypto activities within Virginia. One notable provision of the bill exempts miners from obtaining money transmitter licenses, creating a conducive environment for crypto-related businesses by prohibiting targeted ordinances.

The bill establishes a dedicated workgroup composed of representatives from the Senate, House of Delegates, the blockchain industry, and local government. This workgroup is tasked with conducting thorough studies and presenting comprehensive recommendations by Nov. 1, 2024, during the 2025 Regular Session of the General Assembly. Virginia’s proactive approach underscores its commitment to embracing and integrating blockchain technology statewide.

While Virginia’s legislative efforts in the crypto space are commendable, a recent study has revealed that Florida ranks as the top U.S. state for cryptocurrency tax benefits. Despite not making the top five jurisdictions in the study, Virginia has distinguished itself with its proactive legislative move to foster blockchain growth.

The Virginia Senate Finance and Appropriations Committee’s Subcommittee on General Government has allocated significant funds, including $17,192 for 2025 and 2026, to the Blockchain and Cryptocurrency Commission established in January 2024. This financial commitment demonstrates Virginia’s determination to enact legislation and adopt emerging technologies.

In contrast, concerns have been raised by the Blockchain Association, a non-governmental organization representing the crypto industry in the U.S., regarding Senator Elizabeth Warren’s anti-money laundering (AML) bill. In a letter dated Feb. 13, the industry association, along with 80 signatories, expressed apprehension about the potential negative impacts of Senator Warren’s bill on job losses and technological advancement.

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