With the introduction of Senate Bill No. 339, Virginia moves forward to embrace cryptocurrency and blockchain technology.
Stay in the know on crypto by frequently visiting Crypto News Today
Virginia recently entered the competition to become a center for cryptocurrency by passing a bill that encourages the development of these technologies within the state.
CryptoCaster Quick Check:
Virginia is in competition with other US states looking to capitalize on the expanding cryptocurrency market because of the bill’s proposed benefits for miners and cryptocurrency users.
This Bill Could Turn Virginia Into a Crypto Hub
The historic Senate Bill No. 339, which supports cryptocurrencies, was approved by the Virginia House of Delegates on Monday, March 4. Senator Saddam Azlan Salim had introduced the bill on January 9. The bill makes a number of recommendations, such as tax breaks for small investors and rewards for cryptocurrency miners.
The creation of a specialized work group charged with researching cryptocurrencies, blockchain technology, and crypto mining is the main goal of SB 339. The goal of this project is to offer suggestions for developing and utilizing these technologies in Virginia. The state hopes to become a hub for innovation and cryptocurrency by luring high-growth tech and cryptocurrency companies with the supportive signal from legislators and the tangible policies they put in place.
The Crypto Work Group in Virginia and Other States
The bill describes the creation of a 13-person new work group. This comprises two non-legislative citizen members from the blockchain industry, five members from the Senate, five members from the House of Delegates, and one non-legislative citizen representing local government.
By November 1, 2024, the group hopes to have completed its investigation and presented its findings. By the first day of the Regular Session of 2025, the Governor and the Virginia General Assembly must receive the recommendations.
The bill puts Virginia up against other states that are accepting of cryptocurrencies. Wyoming, for example, did not require money transmission licenses for cryptocurrency businesses. To promote innovation, the state also unveils the Financial Technology Sandbox.
Because there is no state income tax in Florida and Miami is a major hub for cryptocurrency, the state is also a magnet for these businesses. Additionally, the state unveiled a pilot program that lets companies pay for state fees with cryptocurrencies.
If this article brought you clarity, insight, or value—support the work that made it possible.
At CryptoCaster, we report on Web3, crypto markets, and institutional finance with no billionaire owners, no shareholders, and no hidden agenda. While mainstream media bends toward Elon Musk, BlackRock, and JPMorgan narratives, we stay focused on what matters: truth, transparency, and the public interest.
We don’t just cover the headlines—we investigate the power structures behind them. From FTX and Ripple to the quiet push for CBDCs, we bring fearless reporting that isn’t filtered by corporate interests.
CryptoCaster is 100% paywall-free. Always has been. To keep it that way, we depend on readers like you.
If you believe independent crypto journalism matters, please contribute—starting at just $1 in Bitcoin or Ether. Wallet addresses are below.
Your support keeps us free, bold, and accountable to no one but you.
Thank you,
Kristin Steinbeck
Editor, CryptoCaster
Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.
Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
CRYPTOCASTER HEATMAP
