Lawmakers in New York are considering a bill that would impose a tax on digital asset transactions.
The proposal, introduced in the state’s Assembly on Aug. 13, seeks to apply a 0.2% excise tax on the sale or transfer of digital assets like Bitcoin and Ethereum starting in September.
According to the bill, revenue from this tax would support the expansion of substance abuse prevention and intervention programs in schools across upstate New York. The individuals or entities facilitating the sale or transfer of these assets would be responsible for paying the tax.
If passed, New York would join a growing list of jurisdictions exploring targeted taxation on digital asset activity. The measure reflects increasing efforts by governments worldwide to capture revenue from the fast-growing crypto economy.
Global push for crypto tax
New York’s move comes amid a broader global trend toward tighter oversight of crypto markets.
In India, authorities recently uncovered roughly $72 million in unreported income tied to digital asset transactions.
Due to this, the authorities issued more than 44,000 notices to individuals and companies that failed to declare crypto-related earnings. Officials say the effort aims to improve transparency and foster a stronger tax compliance culture.
Similarly, the United Kingdom is set to require digital asset service providers to submit customer transaction data to HM Revenue & Customs (HMRC) starting in 2026.
According to the authorities, this information is part of a broader strategy to enhance transparency in the digital asset economy.
Crypto tax obligations
Meanwhile, tax professionals caution that the current bullish market could lead to higher tax liabilities for traders and investors.
Recently, Bitcoin and Ethereum prices have rallied to new highs that have attracted significant interest to the sector.
Considering this, Lee Murphy, Managing Director at The Accountancy Partnership, told CryptoSlate that many investors believe crypto sits in a legal grey area for taxation.
However, he stressed that digital assets should be treated like other taxable assets, with obligations triggered by sales, swaps, purchases, or gifts.
Mentioned in this article
Credit: Source link