A Virginia senate committee has proposed an annual combined fund allocation of £39,240 for two newly established commissions on artificial intelligence (AI) and cryptocurrency.
According to a proposal dated February 18 from the Subcommittee on General Government of the Senate Finance and Appropriations Committee, more than £23.6 million has been earmarked for various legislative departments.
Of this amount, the Blockchain and Cryptocurrency Commission, formed in January 2024, is set to receive a suggested general fund of £17,192 for the years 2025 and 2026.
Similarly, the Artificial Intelligence Commission, presently known as the Committee on Communications, Technology and Innovation, has been granted £22,048 for the same timeframe.
The Blockchain and Cryptocurrency Commission’s mandate involves researching and providing recommendations on blockchain technology and cryptocurrencies, as well as promoting growth within the state.
It will consist of 15 members, including seven legislative and eight non-legislative members, who must be appointed “no later than 45 days after the effective date of this act.”
Likewise, the Artificial Intelligence Commission aims to formulate and uphold policies that will eventually restrict the use of AI to prevent unlawful activities.
The bill to modify the Code of Virginia and establish the blockchain and cryptocurrency commission was introduced on January 9 and unanimously passed by the Senate on February 1.
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Alongside the creation of new legislative commissions related to the crypto and AI sectors, Virginia has recently introduced legislation concerning crypto mining that favours individuals and businesses.
Senator Saddam Azlan Salim presented Senate Bill No. 339 on January 9, which seeks to exempt miners from acquiring money transmitter licenses.
The bill also prohibits industrial zones from enacting mining-specific ordinances:
“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.”
While entities offering mining or staking services cannot be categorised as a “financial investment” under the bill, they must submit a notice to qualify for the exemption.
The legislation proposes that individuals can exclude up to £200 per transaction from their net capital gains for tax purposes.
This exclusion applies to gains derived from using digital assets to purchase goods or services, thus encouraging the use of cryptocurrencies for everyday transactions through tax benefits.
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