New York Considers Tax on Digital Asset Transactions

According to BlockBeats, New York state legislators are evaluating a bill that proposes a tax on digital asset transactions. The proposal, introduced in the state assembly on August 13, aims to impose a 0.2% consumption tax on the buying, selling, or transferring of digital assets such as Bitcoin and Ethereum starting in September. The revenue generated from this tax is intended to support the expansion of substance abuse prevention and intervention programs in schools across upstate New York. Individuals or institutions facilitating these digital asset transactions will be responsible for paying the tax. If enacted, New York will join a growing number of regions exploring targeted taxation on digital asset activities.