According to Cointelegraph, a Virginia senate committee recommended a yearly combined fund allocation of $39,240. This fund will be for two newly formed commissions on artificial intelligence (AI) and cryptocurrency, stated Cointelegraph.

With insights from the February 18, 2024 proposal from the Subcommittee on General Government of the Senate Finance and Appropriations Committee allocated over $23.6 million for various legislative departments. It is believed the blockchain and cryptocurrency commission received a proposed general fund of $17,192 for 2025 and 2026, added Cointelegraph.

“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, Senator Saddam Azlan Salim, proposed. 

Sources revealed that individuals can exclude up to $200 per transaction from their net capital gains for tax purposes. This exclusion is expected to be applied to gains derived from using digital assets to purchase goods or services. Furthermore, the bill incentivises the use of cryptocurrencies for everyday transactions through  tax benefits, concluded Cointelegraph.

(With insights from Cointelegraph)

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