Illinois tax officials have published draft rules detailing how the state’s 0.2% digital asset transaction tax would apply. Stablecoins would be subject to tax while NFTs would be excluded from the tax’s scope. DeFi transactions would generally be exempt unless fees are considered “valuable consideration,” such as protocol fees. Crypto bridging and transfers from centralized exchanges to self-custody wallets would be taxable when fees are charged. The tax, approved in June despite opposition from the crypto industry, is set to take effect on January 1, 2027.
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Disclaimer: this content is for information purposes only and is not financial advice. Cryptocurrencies are highly volatile: you may lose all of your capital. Always do your own research. Legal notice
