JAKARTA - The Virginia State Senate has proposed legislation governing digital asset mining and transactions and their treatment in tax laws.
Senator Saddam Azlan Salim, the youngest member of the 34-year-old legislature, proposed Senate Bill No. 339 on January 9. Currently, the Senate is discussing the legislation, and if approved, it will be brought to the Delegation Council for further consideration before being signed into law.
In the bill, individuals and businesses involved in digital mining activities are exempt from the obligation to obtain a license to send money. The bill also protects miners by banning industrial zones from mining digital assets or imposing stricter noise regulations than those in the industrial zone.
"There is no license under this chapter required for anyone involved in the mining of digital assets at home, mining digital assets, or mining business activities of digital assets, as defined in MAY 15.2-2288.9."
In addition, this legislation provides exceptions for publishers and sellers of digital assets from securities registration requirements if they meet certain conditions, such as the digital asset is not considered an investment contract.
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"Investors or sellers of digital assets will be excluded from the requirements for registering this chapter of securities if (i) digital assets cannot be considered as investment contracts, (ii) publishers or digital asset sellers do not market digital assets to early buyers as financial investments, and (iii) issuers or sellers of digital assets take reasonable precautions to prevent early buyers from buying digital assets as financial investments."
Companies offering mining services or staking cannot be classified as "financial investments" under this bill. However, they must submit a notification to qualify for an exception.
Furthermore, this legislation provides incentives for the use of cryptocurrencies for daily transactions by offering tax benefits. The bill proposes that starting January 1, 2024, individuals can rule out up to 200 US dollars (Rp3.12 million) per transaction from their net capital gains for tax purposes. This exception applies to profits obtained from the use of digital assets for the purchase of goods or services.
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