The Virginia Senate has passed a groundbreaking bill aimed at propelling the state into a leading position in the crypto ecosystem. Senate Bill No. 339, introduced on February 5, focuses on the study and expansion of blockchain technology, digital asset mining, and cryptocurrencies within Virginia. This initiative received overwhelming support, passing through the Virginia House of Delegates on March 4 with a remarkable majority voting in favor.

Crafted by Senator Saddam Azlan Salim, the bill notably eases the path for crypto miners by removing the need for a money transmitter license and safeguarding their operations from specific local regulations. This legislation paves the way for a dedicated 13-member workgroup, drawing expertise from both legislative bodies, the blockchain industry, and local government representation. Their mission is to deliver strategic recommendations by November 1, 2024, for enhancing the state’s role in the burgeoning crypto sector. This proactive approach signifies Virginia’s commitment to fostering innovation and securing a favorable stance in the rapidly evolving digital asset landscape.

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