New York State Assemblyman Phil Steck has proposed a bill to impose a 0.2% sales tax on cryptocurrency transactions statewide, which is expected to generate an additional $158 million annually. The funds will be used for drug prevention and intervention programs in schools in Northern New York. This tax covers digital assets and stablecoins derived from NFT, Mining, and stake income. Currently, eight states, including New York and California, treat cryptocurrencies as cash equivalents for tax purposes and have already imposed Capital Gains Tax, gift tax, and estate tax on digital assets. (Decrypt)

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