Virginia Blockchain Commission Asks For $17,000 Per Year in Funding

Reading Time: 2 minutes
  • A Virginia committee wants to commit over $17,000 in yearly funding for its Blockchain and Cryptocurrency Commission
  • This move reflects Virginia’s increasing interest in embracing cryptocurrency transactions and fostering innovation in the blockchain space
  • The commission, formed last month, aims to study and make recommendations regarding blockchain technology and cryptocurrency expansion

A Virginia committee has put forward a proposal for over $17,000 in yearly funding for the newly established Blockchain and Cryptocurrency Commission. The funding, requested by the Subcommittee on General Government of the Senate Finance and Appropriations Committee, is intended to cover meeting costs and travel expenses for the 15-member commission, which reflects Virginia’s increasing interest in embracing cryptocurrency transactions. The commission, formed under Senate Bill (SB) 439, aims to study blockchain technology and cryptocurrency and make recommendations for their appropriate expansion in the state. 

Commission Proposal Gained Unanimous Support

Virginia’s Blockchain and Cryptocurrency Commission was founded last month, formed under Senate Bill (SB) 439, which garnered unanimous approval from the state’s senate. The Blockchain and Cryptocurrency Commission is tasked with studying blockchain technology and cryptocurrency with the aim of formulating recommendations concerning their appropriate expansion within the Commonwealth of Virginia.

While Virginia may not yet match the level of some of the most crypto-friendly states in the US, such as Colorado or Wyoming, recent legislative initiatives underscore the state’s commitment to supporting its cryptocurrency ecosystem. Last month, Senator Saddam Azlan Salim introduced Senate Bill No. 339, which seeks to safeguard digital assets mining rights.

Crypto-friendly Bill

If passed into law, Senate Bill No. 339 will exempt businesses and individuals engaged in digital mining activities from obtaining money transmitter licenses and will prohibit industrial zones from imposing bans on digital assets mining activities.

The bill further clarifies that companies offering mining or staking services, upon filing a notice of intent to qualify for an exemption, cannot be classified as financial investments.

Under the proposed funding plan, the commission is slated to receive $17,192 in yearly funding for both 2025 and 2026. These funds are earmarked to cover various expenses associated with the commission’s operations, including meeting costs and travel expenses for its 15 members.