The Virginia State Senate witnessed a new digital assets mining bill that aims to regulate the crypto mining sector in several aspects, from taxes to permits.
Senator Saddam Azlan Salim, a US lawmaker in the Virginia State Senate, recently introduced a new crypto regulatory bill. The crypto bill is specifically for the digital assets mining sector. Moreover, the crypto regulatory bill covers many areas in which it aims to regulate the transactions and mining of digital assets.
The crypto bill is still under discussion, and the year ahead could decide its fate. Meanwhile, the bill has sections that exempt digital asset miners from getting money transmitter licenses. Moreover, industrial zones won’t be able to ban digital asset miners or impose noise ordinances after the bill’s passing. Further, sellers and issuers of digital assets would not need to meet securities registration requirements if they fulfill specific criteria.
The bill describes these criteria for the digital asset as “(i) the digital asset cannot be considered an investment contract, (ii) the issuer or seller of the digital asset did not market the digital asset to the initial buyer as a financial investment, and (iii) the issuer or seller of the digital asset takes other reasonable precautions to prevent an initial buyer from purchasing the digital asset as a financial investment.”
The bill also promotes crypto adoption by incentivizing transactions involving crypto tokens. Individuals can exempt $200 from their net capital gains if the bill becomes law. The new crypto regulatory bill comes just a few days after a US lawmaker introduced another bill in Nebraska. That particular bill also dealt with regulating the crypto-mining industry.
A recent Bitcoin mining report affirmed its long-term sustainability strategies, revealing encouraging numbers.
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