The state of Virginia’s Bureau of Financial Institutions will convene a work group to study blockchain technology, digital asset mining, and cryptocurrency. The workgroup will create a roadmap to expand the state’s digital asset industry following new proposed crypto regulations that will prevent exchanges from being accused of offering unregistered securities.

The Virginia Senate Committee on Commerce and Labor has tasked the state’s Financial Institutions Bureau to expand on a new crypto bill proposed by a Senate member.

Bill Proposes Study Group on Crypto Assets

According to the amendment, the Bureau must convene a group to study mining, blockchains, and crypto assets. The group must comprise five members of the House of Delegates, five members of the Senate, two nonlegislative citizen members who know about blockchain, and one nonlegislative citizen representing local government.

The group must conclude meetings by Nov. 1, 2024, and present their findings to the Governor next year. Their presentation will take place on the first day of the 2025 Regular Session of the General Assembly.

Read more: What is Cryptocurrency Mining?

The new bill is an amendment to the one filed by Senator Saddam Azlan Salim in January. The bill exempts cryptocurrency mining companies from registering as money transmitters.

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Author: David Thomas

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