New York Assembly Bill Seeks 0.2% Excise Tax on Crypto and NFT Transactions

Key Points

1. New York Assembly Bill A08966, introduced by Phil Steck, proposes a 0.2% excise tax on crypto and NFT transactions, effective September 1, 2025, with proceeds earmarked for substance abuse prevention programs in upstate schools.

2. The bill defines digital assets and places tax payment responsibility on the person or entity facilitating the transaction.

3. Global crypto taxation trends vary, with examples like Thailand implementing a five-year tax on platforms, Indonesia adjusting rates to shift activity to local platforms, and Japan considering lower capital gains taxes to encourage investment.

4. Ukraine proposed an 18% personal income tax plus 5% military levy on crypto gains, while Hong Kong has established itself as a crypto hub with strict licensing and compliance requirements.

5. The EU's MiCA regulation contrasts with mixed Asian approaches, emphasizing strict licensing for crypto service providers.