U.S. Lawmaker Aims to Curb Crypto Tax Avoidance in Puerto Rico

A U.S. Representative has introduced legislation targeting crypto investors using Puerto Rico’s favorable tax status. This move seeks to curb tax evasion and potentially stabilize the volatile crypto market. The proposed legislation aims to close loopholes that allow individuals to exploit Puerto Rico’s Act 60 for tax benefits, a system originally designed to attract investment. This move comes amid growing concerns about tax avoidance in the cryptocurrency sector. The Representative emphasizes the need to ensure fair taxation across all income groups and acknowledges potential impacts on both U.S. and Puerto Rican economies.