A new bill has been proposed in the Virginia State Senate that outlines regulations for digital asset mining and transactions and their treatment under tax laws.
Senator Saddam Azlan Salim, who at 34 years old is the youngest member of the legislative body, introduced the bill as Senate Bill No. 339 on January 9.
The bill is currently being discussed in the Senate and, if passed, will then be considered in the House of Delegates and signed into law.
The legislation includes exemptions for individuals and businesses engaged in digital mining activities, meaning they would not be required to obtain money transmitter licenses.
It also prohibits discrimination against miners by industrial zones, such as banning digital asset mining or imposing stricter noise ordinances than those already in place for industrial zones.
The bill states that “no license under this chapter shall be required of any person engaging in home digital asset mining, digital asset mining, or digital asset mining business activities, as those terms are defined in § 15.2-2288.9.”
Furthermore, issuers and sellers of digital assets would be exempt from securities registration requirements if certain conditions are met, such as the digital asset not being considered an investment contract.
