Virginia senator introduces bill to guarantee citizens’ rights to work with cryptocurrencies

The official also proposed eliminating capital gains tax for small crypto transactions

22.01.2024 - 14:25

131

1 min

What’s new? A bill has been introduced in the Virginia Senate to ensure the rights of state residents to transact with cryptocurrencies. The document authored by Democratic Senator Saddam Azlan Salim ensures that citizens can store, mine, transfer, and pay with cryptocurrency on their own, and exempts crypto transactions worth less than $200 from capital gains tax.

Text of the bill

What else is known? The document is designed to prevent state authorities from blocking citizens from carrying out cryptocurrency activities. According to its provisions, citizens at the state level will not need a license to carry out money transfers for staking or mining. It also proposes to guarantee the rights of citizens to manage blockchain nodes, conduct transactions and payments using cryptocurrencies, and store their crypto assets.

Previously, similar bills were introduced in the states of Missouri, Nebraska, and Indiana with the support of the NPO Satoshi Action Fund.

Salim’s document is different in that it calls for authorities to create a working group to make recommendations for the industry.

Dennis Porter, co-founder and CEO of the Satoshi Action Fund, noted that the organization is working to pass similar bills in at least 13 states.

In October last year, Senator Ted Budd introduced a bill at the federal level to guarantee the right of citizens to self-store cryptocurrencies.

Author: