taxoncrypto

A new tax law in Illinois is making waves in the crypto community, with a 0.2% tax on all crypto transactions, including transfers between personal wallets owned by the same individual, affecting $SPCXB .

This move has been met with criticism from the Crypto Council for Innovation, who call it a "punitive" tax on digital assets. The implications of such a tax are significant, and it's worth keeping a close eye on how this develops.

Not financial advice. Manage your risk.
#SPCXB #TaxOnCrypto #LongSetup
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Illinois governor just approved a budget bill that includes a 0.2% tax on all digital asset business activities, which could impact $BTC , and this new tax will be applied to every single transaction, including exchanges, transfers, and even custodial services for clients of companies with revenues over $100,000.

This move is seen as a major blow to the crypto industry, as it directly taxes regular business activities rather than actual profits, and with the state legislature out of session for the year, it's unlikely to be amended before it takes effect on January 1, 2027, so traders with accounts in Illinois may want to consider relocating their assets to avoid potential hidden fees.

Not financial advice. Manage your risk.
#BTC #CryptoRegulations #TaxOnCrypto
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