The Virginia State Senate took a significant step towards a crypto-friendly future by introducing Senate Bill No. 339 on January 9th. The legislation aims to provide rights protections and tax benefits for cryptocurrency miners and everyday users transacting in digital assets.
Proposed by 34-year-old Senator Saddam Azlan Salim, Virginia’s youngest senator, the bill would exempt miners from obtaining money transmitter licenses and shield them from discriminatory zoning policies. The legislation also offers securities registration waivers to crypto issuers and sellers meeting specific conditions.
In a statement underscoring miner protections, the bill proclaims: “No license under this chapter shall be required of any person engaging in-home digital asset mining, digital asset mining, or digital asset mining business activities.”
The bill incentivizes spending crypto as well; starting in 2024, individuals can exclude up to $200 in capital gains per transaction when using cryptocurrencies to buy goods or services. This tax break applies as long as the merchant accepts crypto directly without conversion.
By fostering a welcoming environment for miners, investors, and everyday users alike, Virginia seeks a policy framework other states might soon emulate as cryptocurrency permeates the mainstream. If signed into law, the combined crypto protections and incentives would solidify Virginia among the most forward-thinking jurisdictions on digital asset legislation.
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