The U.S. state of Virginia has taken a significant stride towards nurturing blockchain innovation and expansion, as its Senate Bill No. 339 garners overwhelming support from the House of Delegates. This signals a dedicated effort to explore and bolster the cryptocurrency ecosystem.
Virginia’s Senate Bill No. 339, introduced on Feb. 5, has successfully passed through the House of Delegates on March 4, with a decisive majority vote of 97 yes, one nay, and two abstentions.
The bill establishes a specialized workgroup comprising representatives from the Senate, House of Delegates, blockchain industry, and local government bodies.
Led by Senator Saddam Azlan Salim since Jan. 9, the bill aims to facilitate the growth of blockchain technology, digital asset mining, and cryptocurrency activities within Virginia. An important provision exempts miners from the requirement to obtain money transmitter licenses, fostering a conducive environment for crypto-related enterprises by prohibiting targeted ordinances.
The proposed workgroup, mandated to conclude its assessments by Nov. 1, 2024, is tasked with presenting comprehensive recommendations during the 2025 Regular Session of the General Assembly. This initiative underscores Virginia’s commitment to comprehensively explore and integrate blockchain technology within its jurisdiction.
While Virginia emerges as a proactive player in crypto exploration, recent research has identified Florida as the leading U.S. state for cryptocurrency tax incentives, showcasing the varied regulatory landscape across the nation.
Despite not ranking among the top five jurisdictions for crypto tax benefits, Virginia distinguishes itself with proactive legislative efforts to promote blockchain growth. The Virginia Senate Finance and Appropriations Committee’s Subcommittee on General Government has allocated significant funding, including $23.6 million, with $17,192 earmarked for 2025 and 2026, to support the Blockchain and Cryptocurrency Commission established by the state in January 2024.
Additionally, the Blockchain Association, representing the crypto industry in the U.S., has expressed concerns regarding Senator Elizabeth Warren’s anti-money laundering (AML) bill. In a letter dated Feb. 13, the association, along with 80 signatories, raised apprehensions about the potential negative impacts of the bill on job opportunities and technological advancement.