Virginia lawmakers approve legislation to promote growth and development of blockchain technology
Virginia, one of the U.S. states leading the way in blockchain innovation, has made significant progress in supporting the crypto ecosystem. The state’s Senate Bill No. 339, which aims to promote blockchain technology and cryptocurrency adoption, has received overwhelming support from the House of Delegates.
Introduced on February 5th, the bill successfully passed through the House of Delegates on March 4th, with an impressive majority of 97 yes votes, one nay vote, and two abstentions. This demonstrates Virginia’s commitment to studying and supporting the crypto industry.
The bill establishes a dedicated workgroup that includes representatives from the Senate, House of Delegates, blockchain industry, and local government. Its purpose is to facilitate the expansion of blockchain technology, digital asset mining, and crypto activities in Virginia. Notably, the bill exempts miners from obtaining money transmitter licenses, creating a favorable environment for crypto businesses by preventing targeted ordinances.
The workgroup has been given until November 1, 2024, to conclude its studies and is expected to present comprehensive recommendations during the 2025 Regular Session of the General Assembly. This initiative emphasizes Virginia’s dedication to understanding and integrating blockchain technology within the state.
While Virginia takes steps towards blockchain exploration, a recent study has revealed that Florida is the top U.S. state for cryptocurrency tax benefits. This highlights the diverse regulatory approaches within the country. Despite not making the top five jurisdictions in terms of crypto tax benefits, Virginia has distinguished itself with proactive legislative moves to foster blockchain growth.
The Virginia Senate Finance and Appropriations Committee’s Subcommittee on General Government has allocated over $23.6 million, including $17,192 for 2025 and 2026, to the Blockchain and Cryptocurrency Commission. This commission, founded in January 2024, demonstrates the state’s commitment to legislating and adopting new technologies.
However, not all legislative moves in the U.S. have been welcomed by the crypto industry. The Blockchain Association, a non-governmental organization representing the industry, has expressed concerns over Senator Elizabeth Warren’s anti-money laundering bill. In a letter dated February 13th, the association and 80 signatories raised objections to the bill, citing potential job losses and hindered technological advancement.
Overall, Virginia’s proactive approach to blockchain technology and cryptocurrency adoption sets a positive example for other states. With its commitment to understanding and integrating these technologies, Virginia is poised to become a leader in the crypto industry.
