The US crypto bill, introduced in the State Senate of Virginia, was recently passed by lawmakers, which noted significant progress for it to become a crypto law in the state.
US lawmakers introduced a crypto bill in Virginia early this year. The bill specified creating a working group of experts to study crypto and blockchain. Lawmakers recently voted and approved the same US crypto bill, which is a significant development. The likely crypto law will enable research in the crypto industry. The expert group will also make recommendations to expand the industry’s prospects.
On March 4, 97 members voted in favor of the crypto law in the Virginia House of Delegates. On the other hand, two members voted against while one abstained. In the US, crypto regulations are still in the stage of discussions without any fruitful results. US Lawmakers hold contrasting opinions on crypto regulations as well. Thus, the move to Virginia could be a positive one for the industry.
Another encouraging aspect of this bill is that it exempts miners from getting money transmitter licenses. The bill officially states, “No license under this chapter shall be required of any person engaging in-home digital asset 37 mining, digital asset mining, or digital asset mining business activities, as those terms are defined in § 38 15.2-2288.9.”
The crypto bill also mandates creating a diverse working group of experts. The experts will represent the local government, the blockchain industry, and lawmakers. Moreover, the group will conclude all its studies and research on crypto and blockchain within 2024.
Virginia counts as one of the top US states regarding crypto’s popularity. Amidst calls for crypto regulation in 2024, the Virginia crypto bill is in the right direction.
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