Illinois enacts 0.2% crypto tax into law

Illinois Governor Pritzker has signed the Digital Asset Tax Act into law, imposing a 0.2% tax on cryptocurrency transactions. This move has drawn sharp criticism from crypto industry lobbyists and representatives, who are labeling it as one of the most restrictive crypto laws in the United States. The legislation is expected to significantly impact the digital asset market within the state, potentially leading to reduced trading activity and discouraging further innovation in the fintech sector. Industry advocates argue that such taxes stifle growth and push businesses to more favorable regulatory environments.