Virginia Shaking Up Crypto! – 278

Us Virginia introduces Bill to protect Digital asset Mining rights this is Obviously something that's been getting Done across a few different states it's Nice to see more States adopting this Come on Texas let's go ahead and get Something going the legislation Establishes rights for digital asset Miners and validators and provides tax Incentives for the purchase of goods and Services with cryptocurrencies obviously Tax incentives for the use of Cryptocurrencies is awesome in this Particular case definitely bullish on That the Virginia state senate has Introduced legislation that delineates Regulations for the mining and Transaction of digital assets and their Treatment under tax laws Senator Salim The youngest member of the legislative Body at 34 years old proposed Senate Bill number 339 on January 9th the Senate is discussing the legislation and If it passes it will go to the house of Delegates for consideration and then be Signed into law the bill exempts Individuals and businesses engaged Digital mining activities from obtaining Money transmitter licenses it also Shields miners from discrimination by Prohibiting industrial zones from Banning digital asset mining or imposing More restrictive noise ordinances than Those in places in industrial zones

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Quote no license under this chapter Shall be required for any person Engaging in home digital asset 37 mining Digital asset mining or digital asset Mining business activities as those Terms are defined in this the f in Section which you can check the link in The description if you want that Specific number in addition the Legislation exempts issuers and sellers Of digital assets from Securities Registration requirements if certain Conditions are met such the digital Asset uh not being considered an Investment contract quote an issuer or Seller of a digital asset shall be Exempt from the Securities registration Requirements of this chapter if one the Digital asset cannot be considered an Investment contract contract two the Issuer or seller of the digital asset Did not Market the digital asset to the Initial buyer as a financial investment And three the issuer or seller of the Digital asset takes other reasonable Precautions to prevent an initial buyer From purchasing the digital asset as a Financial investment companies offering Mining or staking Services cannot be Classified as quote Financial investment End quote under the bill however they Must file a notice to qualify for the Exemption Furthermore the legislative incentives

To use of or incentives incentivizes There we go the use of cryptocurrencies For everyday transactions by offering Tax benefits the bill proposes that Starting from January 1st 2024 Individuals can exclude up to $200 per Transaction from their net capital gains For tax purposes this exclusion applies To gains thei derived from the use of Digital assets for purchasing goods or Services now that's a particular Interesting one because and I don't know If it's it's per transaction and what That can do from the mining perspective In general just to give you an idea is Give you a little leeway on this buy and Sell times like trying to sell exactly When you mind it can be quite difficult Right and that's there's a little bit of Leniency already there like sell the day Of record that price for the day of at The point that you sold it blah blah Blah but this gives you a little bit of A bubble uh at least at the home mining Level where you know if you mine Something it shoots up in value and you Sell it and you made $200 you still get That $200 uh uh barrier for your capital Gains on the tax purposes so that's a Nice incentive to see for miners in Particular especially at home miners uh So you're not actually like ending up in A position where you have a bunch of Capital like like short-term capital

Gains right that you weren't planning on I mean most Str iies in general have Been that you mine it you sell what you Need for the power and then you hold the Rest until it's long-term capital gains And if you end up in a position where You accidentally sold and got some Capital gains that were short term you Pay a higher tax bracket just in theory Right talk to your CPA and this isn't Tax Advisor or whatever uh but in General that's kind of the idea right so You get a little barrier there Interesting stuff coming from Virginia I Like this tax policy in particular uh And these incentives for Miners and like I've said before states that are Incentivizing miners I think are going To be in a very uh healthy position Economically here in the near future Compared to states that are pushing Against it and so it's something you Want to pay attention to especially if You're considering moving away from States that are starting to perfor Perform poorly economically right the Great Exodus of California for example Now you guys mind during the bare Market You made it through well at least maybe A half of you I know a lot of you over here didn't actually Do it but the ones that did I have a new Shirt for you guys and it says I mined With the Bears for the bear Market okay

So if you mind with the Bears and you want to rep that you did Mine during the bear Market go ahead and Head on over to shop.of ach.com and the Listing will be down below I'll put it In live chat right now I have a Sweatshirt there's a sticker If youd Rather have a sticker t-shirt premium Shirt all that cool cool stuff um really Like the new shirt I ordered a few for Myself and I just had that design Finished this week eventually it'll be Under on the YouTube channel but that Takes a little bit of time so just give It some time uh proceeds of course go to Supporting me in the channel so there You go and I thought uh we put some work Into it and I thought you guys might Enjoy It thanks for watching this clip from The crypto mining show you can check out The full episode here and don't forget To subscribe down here as well you can Also check out my crypto mining ecourse At son of.com where you can get a free Month of supporter status with a Purchase at sonof A.l.c. of ach.com I'll see you next Tuesday

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