Crypto industry aghast at Illinois' new tax on holding or transferring digital assets in state budget
CoinDesk 2026-06-17 16:50:33
Context: The state of Illinois has introduced a new tax on businesses involved in the holding or transferring of digital assets, sparking widespread criticism from the crypto industry. The tax, which stands at 0.2%, was added to the state budget at the last minute and is unlikely to be changed. This development has left industry stakeholders reeling, as they assess the implications of the new tax on their operations.
Key Facts
- The state of Illinois has introduced a new 0.2% tax on any business activity involving digital assets, including holding or transferring such assets.
- The tax was added to the state budget at the last minute, with two people familiar with the matter indicating that it is unlikely to be changed.
- The crypto industry has expressed strong opposition to the new tax, with many stakeholders likely to be affected by the change.
- The new tax is expected to have significant implications for businesses operating in the digital asset space, potentially altering their operational strategies and bottom line.
- The tax applies to businesses involved in any activity related to digital assets, including both holding and transferring such assets, within the state of Illinois.