Illinois has released draft rules outlining how its 0.2% crypto tax will apply, set to take effect on January 1, 2027. The tax will target crypto transactions made by Illinois customers through centralized services such as exchanges and custodians, including stablecoins like USDT and USDC. Direct transfers between personal wallets without a broker, network gas fees, and NFTs are excluded from the tax. Regarding DeFi, transactions through decentralized exchanges will not be taxed if fees go only to liquidity providers, miners, or validators, but a protocol charging operation fees will be treated as a broker, making its transactions taxable.
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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
