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Illinois has enacted a 0.2% tax on digital asset transfers that will apply whether a trade ends in profit or loss, beginning Jan. 1, 2027. Industry groups have branded the measure the most punitive crypto tax in the U.S. and are already pushing for a repeal. A Tax on Movement, Not Profit Illinois has become […]
Read full articleSouth Korea has begun considering rules that could allow fintech firms, not just cryptocurrency exchanges, to participate in a new licensing regime for cross-border digital asset transfers scheduled to take effect in December. Officials from relevant government agencies and industry…
Illinois' digital asset tax may drive crypto businesses to relocate, impacting the state's tech ecosystem and innovation landscape. The post Illinois becomes first US state to tax digital asset transactions with new 0.2% levy appeared first on Crypto Briefing.
Illinois' crypto tax may deter businesses, potentially stifling innovation and economic growth while prompting investors to seek alternatives. The post Illinois passes law to tax crypto transfers starting 2027 appeared first on Crypto Briefing.
The BoC's rate hold may boost Canadian exports but risks higher import costs, complicating inflation control and impacting investor returns. The post Bank of Canada to hold rates through 2027, allowing loonie to weaken, BofA says appeared first on Crypto Briefing.
The shift to an all-tournament model democratizes access, potentially increasing global participation and fostering emerging talent in esports. The post Valorant Champions Tour reveals bold plans for 2027 with all-tournament format appeared first on Crypto Briefing.
Illinois has enacted SB3019, introducing a 0.2% digital asset tax from 2027 and drawing criticism from crypto industry groups.
The CEO of Coinbase, Brian Armstrong, severely criticized the upcoming Illinois’ crypto tax law, noting that it could be detrimental to blockchain innovation and employment. Specifically, Armstrong noted that such legislation could force blockchain innovation away from Illinois, creating extra complications for those who develop products based on blockchain technology.
Critics say the measure effectively singles out digital assets for taxation based on technology rather than activity.
