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Home»ADOPTION NEWS»Virginia proposes $17,192 in funding for blockchain and cryptocurrency fees
ADOPTION NEWS

Virginia proposes $17,192 in funding for blockchain and cryptocurrency fees

By Crypto FlexsFebruary 19, 20242 Mins Read
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Virginia proposes ,192 in funding for blockchain and cryptocurrency fees
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Posted 1 minute ago In ~

The General Government Subcommittee of the Senate Finance and Appropriations Committee recommended a consolidated funding allocation of $39,240 for two new fees for cryptocurrencies and artificial intelligence.

The Blockchain and Cryptocurrency Council, which is responsible for researching distributed ledger technology and expanding its use within the state, will receive $17,192 in general funds in 2025 and 2026. The AI-focused “Communications, Technology and Innovation Committee” will receive greater funding. $22,048 during the same period.

The proposed allocation comes as part of a larger $23.6 million allocation proposal to various departments.

Virginia’s Favorable Crypto Mining Proposal

Earlier this month, the Senate unanimously passed a bill amending Virginia law to establish the aforementioned Blockchain and Cryptocurrency Commission.

The state also recently introduced a cryptocurrency mining law, which is widely seen as beneficial to individual miners and cryptocurrency mining businesses. Specifically, the bill seeks to exempt cryptocurrency miners from the requirement to obtain a money transmitter license.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Adam is Editor-in-Chief for Europe, Middle East and Africa. He lives in Central Europe and is the editor-in-chief and podcast host at OKX Insights, the former research arm of cryptocurrency exchange OKX. Prior to that, he co-founded and served as Editor-in-Chief of BeInCrypto.com, growing it into one of the leading cryptocurrency media brands. He previously served as Editor-in-Chief of Bitcoinist.com. Before joining the blockchain and cryptocurrency industry, he worked at Looper.com, Grunge.com, and SVG.com. He tweets at @XBT002 and can be emailed at (email protected).
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