The Virginia State Senate has introduced legislation that aims to establish a comprehensive regulatory framework for the mining and transactions of digital assets.
The Virginia State Senate has introduced legislation that aims to establish a comprehensive regulatory framework for the mining and transactions of digital assets. The bill, Senate Bill No. 339, was proposed by Senator Saddam Azlan Salim, the youngest member of the legislative body.
The proposed legislation seeks to foster a supportive environment for the digital asset industry in Virginia by addressing key issues such as mining regulations, securities registration requirements, and tax treatment.
The key provisions of the Bill include exemption from money transmitter licenses for digital asset miners, exempting individuals and businesses engaged in digital asset mining activities from obtaining money transmitter licenses. This provision seeks to reduce regulatory burdens and encourage the growth of the digital asset mining industry in Virginia.
Another key provision includes legislation prohibiting industrial zones from banning digital asset mining or imposing more restrictive noise ordinances than those in place for other industrial activities. This aims to safeguards digital asset miners from discriminatory practices and ensures equal treatment within industrial zones.
The bill also seeks to introduce legislation to exempt issuers and sellers of digital assets from securities registration requirements if specific conditions are met. These conditions include ensuring that the digital asset is not considered an investment contract and that the issuer or seller takes reasonable precautions to prevent the initial buyer from purchasing the asset as a financial investment.
The Virginia State Senate is currently discussing the proposed legislation. If it passes the Senate, it will move to the House of Delegates for consideration and, if approved, will be signed into law.
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