New York Imposes 0.2% Crypto Tax: Potential Sell-Off on the Horizon

A new tax proposal from New York State Assemblymember Phil Steck could have a significant impact on the crypto market and the state’s economy. The proposed legislation mandates a 0.2% tax on all cryptocurrency transactions, including Bitcoin, Ethereum, and NFTs, effective September 1st if it passes through the legislative process. This move aligns with New York’s history of imposing crypto regulations, such as the BitLicense, which has shaped the landscape for businesses operating in the state.