New York's draft law provides for 0.2 % consumption tax on crypto and NFT transactions- income for the prevention of substance abuse

New York's draft law provides for 0.2 % consumption tax on crypto and NFT transactions- income for the prevention of substance abuse

New York bill imposes 0.2% excise tax on crypto and NFT transactions

A new draft law in the New York assembly aims to introduce a consumption tax of 0.2 % to crypto and NFT transactions. This step aims to tax the crypto industry more and to use the income for the financing of programs for addiction prevention.

The initiative for the introduction of this tax is part of a larger strategy to increase the financial resources for programs to combat drug abuse and other addiction problems in New York. The crypto and NFT markets have become very important in recent years and represent a lucrative source of income for the state.

The proposed tax could generate significant income that should flow directly into addiction prevention projects. Experts argue that this is a sensible measure to promote responsibility with digital currencies and non-fungal tokens (NFTS), while at the same time the necessary resources are provided to finance help for those affected.

The discussion about such tax measures shows the growing recognition of the crypto sector as a serious part of the economy and its responsibility towards social challenges. It remains to be seen how this draft law will develop and what reactions it will cause within the community of crypto users.