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The Virginia State Senate has recently put forth a bill, Senate Bill No. 339, aimed at establishing clear regulations for the mining and transactions of digital assets. The proposed legislation, presented by 34-year-old Senator Saddam Azlan Salim, the youngest member of the legislative body, is currently under discussion in the Senate.

 

 

If the bill successfully passes the Senate, it will proceed to the House of Delegates for further consideration before potentially becoming law. The key provisions of the legislation include exempting individuals and businesses involved in digital mining activities from the requirement of obtaining money transmitter licenses.

 

 

 

Moreover, the bill seeks to protect digital asset miners by prohibiting discrimination and restrictions within industrial zones. Specifically, it prevents these zones from banning digital assets mining or imposing stricter noise ordinances compared to those already in place for other industrial activities. In addition to outlining regulations, the legislation also introduces tax incentives for those who use cryptocurrencies for purchasing goods and services. This move aims to encourage the broader adoption of digital assets in daily transactions.

 

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