Virginia Crypto Mining Legislation Aims To Promote Crypto Companies To Grow

Key Points:

• Virginia forms commissions for crypto and AI, allocating $39,240 yearly for research and policy.
• The Blockchain Commission gets $17,192, and the AI Commission receives $22,048 annually.
• Virginia crypto mining legislation proposed for crypto transactions, aimed to increase everyday use of digital assets.

Virginia is making significant strides in fostering innovation within the cryptocurrency and artificial intelligence (AI) sectors. Recent legislative developments include the establishment of two commissions and the introduction of Virginia crypto mining legislation aimed at supporting individuals and businesses, Cointelegraph first reported the news.

New Commissions and Funding for Crypto and AI

Virginia senate committee has recommended an annual allocation of $39,240 for two newly formed commissions: one focused on AI and the other on cryptocurrency.

The proposed budget, unveiled on Feb. 18 by the Subcommittee on General Government of the Senate Finance and Appropriations Committee, earmarked over $23.6 million for various legislative departments.

Notably, the Blockchain and Cryptocurrency Commission, established in January 2024, stands to receive $17,192 from the general fund for the years 2025 and 2026. Similarly, the Artificial Intelligence Commission is allocated $22,048 for the same period.

The Blockchain and Cryptocurrency Commission, composed of 15 members, aims to study and provide recommendations for blockchain technology and crypto, with a focus on fostering expansion within the state. Meanwhile, the Artificial Intelligence Commission seeks to develop policies to regulate AI use and prevent unlawful activities.

Virginia Crypto Mining Legislation Encourages Crypto Adoption for Everyday Transactions

In addition to commissioning these initiatives, Virginia crypto mining legislation offers tax incentives to individuals and businesses. Under the proposed legislation, individuals can exclude up to $200 per transaction from their net capital gains for tax purposes when using digital assets for purchases. This move incentivizes the adoption of cryptocurrencies for everyday transactions.

The bill to establish the Blockchain and Cryptocurrency Commission was introduced on Jan. 9 and unanimously passed by the Senate on Feb. 1.