Legislers in New York are considering a bill that would impose a tax on digital asset transactions.
The proposal, introduced in the assembly of the State on 13 August, aims to apply an excise duty of 0.2% to the sale or transfer of digital assets such as Bitcoin and Ethereum from September.
According to the bill, the income from this tax would support the expansion of prevention and intervention programs for substance abuse in schools in the Upstate New York. The persons or entities that facilitate the sale or transfer of these assets are responsible for paying the tax.
If adopted, New York would participate in a growing list of jurisdictions that investigated targeted tax on digital assets activities. The measure reflects more and more efforts of governments worldwide to conquer income from the fast-growing crypto economy.
Global urge to crypto tax
The New York movement comes in the midst of a broader global trend to strict supervision of crypto markets.
In India, the authorities recently linked around $ 72 million in non -reported income to digital assets transactions.
As a result, the authorities have issued more than 44,000 notifications to private individuals and companies that have not paid crypto-related income. Civil servants say that the effort aims to improve transparency and to promote a stronger tax culture for tax conformity.
Similarly, the United Kingdom has been set up to demand that digital assetroviders of customer transaction data are submitted to HM Revenue & Customs (HMRC) from 2026.
According to the authorities, this information is part of a broader strategy to improve transparency in the digital assets economy.
Crypto Tax obligations
In the meantime, tax professionals warn that the current bullish market could lead to higher tax obligations for traders and investors.
Recently, Bitcoin and Ethereum’s prices gathered into new highlights that have drawn the sector considerably importance.
Given this, Lee Murphy said, director of the Accountancy Partnership, told CryptoSlate That many investors believe that Crypto is in a legal gray area for taxes.
However, he emphasized that digital assets should be treated such as other taxable assets, with obligations caused by sales, swaps, purchases or gifts.