According to Cointelegraph, the Virginia State Senate introduced legislation that delineates regulations for the mining and transactions of digital assets and their treatment under tax laws.
Sources revealed that the bill exempts individuals and businesses engaged in digital mining activities from obtaining money transmitter licenses. It is also expected to shield miners from discrimination by prohibiting industrial zones from banning digital assets mining or imposing more restrictive noise ordinances than those in place in industrial zones.
“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,” Cointelegraph added.
Furthermore, the legislation incentivises the use of cryptocurrencies for everyday transactions by offering tax benefits. The bill proposes that starting from Jan. 1, 2024, individuals can exclude up to $200 per transaction from their net capital gains for tax purposes. This exclusion applies to gains derived from the use of digital assets for purchasing goods or services.
(With insights from Cointelegraph)
