Catenaa, Tuesday, August 19, 2025- New York Assembly Member Phil Steck introduced legislation this week proposing a 0.2% excise tax on all cryptocurrency and NFT transactions, with proceeds earmarked to fund substance abuse prevention programs in upstate schools.
The bill, A08966, was filed on August 13 and referred to the Ways and Means Committee, with an effective date of September 1, 2025.
The legislation defines digital assets broadly, encompassing cryptocurrencies, coins, and non-fungible tokens, and assigns tax liability to the parties making or facilitating transactions.
Compliance could present challenges for exchanges, traders, and decentralized finance protocols operating in New York.
The move reflects a broader trend as governments worldwide develop diverse crypto taxation strategies.
While Thailand exempts personal income tax on crypto gains for licensed platforms, Indonesia has raised taxes on foreign exchanges and imposed higher VAT on mining. Japan continues to impose high income tax rates on crypto gains, whereas Ukraine levies preferential rates alongside a wartime military levy.
The proposal arrives amid a pro-crypto policy shift under the Trump administration, which reversed several Biden-era enforcement rules and encouraged innovation in the digital asset sector.
Observers note that the outcome of New York’s excise tax could influence other US states seeking to generate revenue from the expanding crypto market, balancing fiscal goals with growing investor and industry engagement.
