New York Assembly Member Phil Steck has introduced a bill (A08966) that would impose a 0.2% excise tax on all digital asset transactions—including cryptocurrencies and NFTs—to fund substance abuse prevention programs in upstate schools.
The legislation, which was referred to the Ways and Means Committee on August 13, is slated to take effect on September 1, 2025, if passed. The article notes that this proposal puts New York in contrast with other regions, such as Thailand, which has offered crypto tax exemptions to spur growth, and highlights the ongoing debate over crypto taxation as a global phenomenon.
If the bill becomes law, it could serve as a model for similar legislation in other U.S. states. Regulators around the world are increasing their oversight of digital assets.
In India, tax authorities have uncovered $72 million in undeclared crypto income and have issued over 44,000 notices to individuals and companies to enforce tax compliance.
The United Kingdom is also stepping up its monitoring, with a new rule that will require digital asset service providers to submit detailed customer transaction data to HM Revenue & Customs starting in 2026.
Both nations are implementing these measures as part of a broader strategy to bring greater transparency and accountability to the digital asset economy.
Image Credit: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
