New York proposes cryptocurrency tax to fund education
- Project foresees 0,2% tax on crypto transactions
- Resource will be allocated to school programs
- Measure follows global trend of cryptocurrency taxation
New York State Legislators presented a bill which creates a 0,2% excise tax on the sale or transfer of digital assets, including Bitcoin and Ethereum, scheduled to begin in September. The proposal, filed with the State Assembly on August 13, mandates that the proceeds be directed toward expanding substance abuse prevention and intervention programs in schools in the northern part of the state.
The bill establishes that both individuals and companies that mediate cryptocurrency transactions will be responsible for collecting the tax. If approved, the legislation will place New York among the jurisdictions that have already implemented or are studying ways to tax transactions involving digital assets, aligning with the trend of increased revenue generation through the cryptoeconomy.
The measure comes amid a global movement to strengthen oversight of the cryptocurrency market. In India, authorities identified approximately $72 million in undeclared income associated with digital asset transactions and issued more than 44 notices to individuals and legal entities. The goal, according to the Indian government, is to promote greater transparency and strengthen tax compliance.
In the UK, starting in 2026, digital asset service providers will be required to report customer transaction information to the HMRC. This requirement is part of a broader plan to increase oversight and control over financial transactions in the sector.
Tax experts warn that the current market rally could increase tax liabilities for investors and traders. With Bitcoin and Ethereum hitting new highs recently, interest in the sector has increased considerably.
According to Lee Murphy, managing director of The Accountancy Partnership, there's still a common misconception that cryptocurrencies fall into a "gray area" when it comes to taxation. He emphasizes that digital assets should be treated like any other taxable investment, with taxes levied on sales, exchanges, purchases, and donations.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
How much CPO demand will Nvidia Rubin Ultra generate? Bernstein: Optical value per Pod will increase fivefold
Bernstein believes that the co-packaged optics (CPO) and fiber demand driven by Nvidia's Rubin Ultra architecture will surge significantly, with the optical content per Pod rising from $1 million to $5.4 million. This will propel the size of Nvidia's optical ecosystem market to $46.8 billion by 2028 (a 91% annual increase). Although the industry faces supply bottlenecks with InP substrates, the outlook remains positive. The institution reiterates its “outperform” rating for Lumentum, Coherent, and Ciena.
UBS Q3 implements a two-way strategy with gold options, heavily invests in technology stocks, and builds positions in SK Hynix (SKHY.US)
UBS Group (UBS.US) has submitted its Q3 holdings report (13F) as of September 30, 2026.
SpaceX (SPCX.US) reportedly attempts “de-Nvidiaization” at the rack level: developing Kessel cabinets to bypass L6 compute boards, purchasing only chips
SemiAnalysis: SpaceX has developed its own Kessel cabinet, bypassing Nvidia's L6 cards to provide more options for manufacturing its own hardware.
$3.7 billion “data center power equipment prepayments” abandoned! What did "the most active buyer of gas turbines", SoftBank, see?
In the second quarter of fiscal year 2026, SoftBank reported a net loss of $7.1 billion, primarily due to a $3.7 billion impairment charge from a $9.5 billion advance payment for power generation equipment for US data centers—of which about $2.9 billion was non-refundable and effectively lost. The CFO admitted that SoftBank placed orders before the project plan was finalized, and is now conducting a comprehensive review of its procurement strategy. "The most aggressive purchaser of gas turbines has now written off the deposit in this way."
Crypto prices
More
