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Virginia charts tech frontier with money allocation  for AI and Crypto

TL;DR

  • Virginia investing $39K for AI, crypto commissions.
  • Commissions promote AI regulation, blockchain growth.
  • Tax incentives encourage crypto use in Virginia.

In a move aimed at advancing technological innovation, the Virginia Senate Finance and Appropriations Committee has recommended an annual fund allocation of $39,240 for two newly established commissions focusing on artificial intelligence (AI) and cryptocurrency.

Virginia Senate proposes funding for blockchain

The Subcommittee on General Government, under the Virginia Senate Finance and Appropriations Committee, proposed the allocation as part of a broader budget exceeding $23.6 million for various legislative departments. 

The Blockchain and Cryptocurrency Commission, established in January 2024, is set to receive $17,192 from the general fund for each of the years 2025 and 2026. Concurrently, the Artificial Intelligence Commission, previously known as the Committee on Communications, Technology, and Innovation, is earmarked to receive $22,048 for the same period.

Commission objectives

The Blockchain and Cryptocurrency Commission’s primary mandate is to study and provide recommendations on blockchain technology and cryptocurrency, to foster growth and innovation within Virginia

Comprising a total of 15 members, including representatives from both legislative and non-legislative backgrounds, the commission is expected to be fully operational within 45 days of the enactment of corresponding legislation.

Similarly, the Artificial Intelligence Commission seeks to develop and enforce policies to regulate AI usage, particularly to mitigate potential misuse and illicit activities.

Legislative progress and recent developments

The bill to establish these commissions was introduced on Jan. 9 and subsequently passed unanimously by the Senate on Feb. 1. This legislative effort underscores Virginia’s commitment to embracing emerging technologies and creating an enabling environment for technological advancement and entrepreneurship.

In addition to these commissions, Virginia has also introduced supportive legislation for individuals and businesses engaged in crypto mining activities. Senate Bill No. 339, proposed by Senator Saddam Azlan Salim, aims to exempt miners from obtaining money transmitter licenses and restrict certain zoning ordinances that may impede mining activities within industrial zones.

Under the proposed legislation, individuals stand to benefit from tax incentives, allowing for the exclusion of up to $200 per transaction from net capital gains when using digital assets for purchasing goods or services. This tax incentive is envisioned to promote the wider adoption of cryptocurrencies for everyday transactions, potentially bolstering the state’s digital economy.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Lacton Muriuki

Lacton is an experienced journalist specializing in blockchain-based technologies, including NFTs and cryptocurrency. He dabbles in daily crypto news rich with well-researched stats. He adds aesthetic appeal, adding a human face to technology.

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