Michigan Proposes Four Bills Allowing Virtual Asset Investment and Mining Tax Reductions

Minseung Kang

Summary

Michigan is reportedly promoting a bill that allows public pensions to invest in virtual asset ETFs that meet certain criteria.
An 'energy recycling program' is being introduced to utilize abandoned oil well sites as mining bases, providing income tax reduction benefits to miners.
Michigan has proposed a bill opposing the introduction of CBDCs, prohibiting state and local governments from imposing taxes and regulations due to digital assets.

In the United States, the state of Michigan has proposed four bills related to virtual assets, including allowing public pensions to invest in virtual asset (cryptocurrency) exchange-traded funds (ETFs), providing tax benefits for Bitcoin (BTC) mining, and protecting digital asset rights.

According to CoinJournal, a cryptocurrency-focused media outlet, on the 22nd (local time), the Michigan House of Representatives is promoting a bill (HB 4510) that allows public pensions to invest in virtual asset ETFs that meet certain criteria. The ETFs eligible for investment are limited to products that meet specific market capitalization requirements and are supervised by financial authorities.

Mining-related bills have also been proposed. HB 4512 and HB 4513 introduce an 'energy recycling program' that utilizes abandoned oil well sites as mining bases and provides income tax reduction benefits to miners using these sites.

There is also a bill that explicitly opposes central bank digital currency (CBDC). HB 4511 prohibits state and local governments from imposing specific taxes or regulations on digital assets and includes provisions that restrict the introduction or promotion of CBDCs.

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