The bill provides that any transactions with digital assets will be taxed with a special fee of 0.2% of the amount of the operation. The collected taxes are proposed to be directed to financing preventive programs aimed at combating abuse of psychoactive substances in local schools.
The bill has to go through several stages of consideration. First, he must be put to the vote in the assembly, then sent to the Senate. If the Senate approves the initiative, the document will be transferred to the governor who can sign the bill, or may try to impose a veto. If the bill is successfully adopted, all cryptocurrency transactions will be taxed on September 1.
In New York, the headquarters were registered by many cryptocurrencies: issuers of Circle and Paxos stabilcoins, Gemini cryptocurrency exchange and the analytical company Chainalysis. New York was the first American state to introduce the regime of cryptocurrency regulation. Since 2015, industry companies operating in the state are required to receive a Bitlicense license, which is issued by the Department of Financial Services of New York (NYDFS).
In May, New York mayor Eric Adams called for licenses to cancel the issuance of licenses, saying that too stringent requirements are imposed on cryptocurrencies. In August, PaxOS concluded a settlement agreement with NYDFS, agreeing to pay a fine of $ 26.5 million.
Source: Bits
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