A law proposed to collect taxes on and in cryptocurrencies

Blockchain Cryptocurrency North America Regulations Taxes United States

A new law proposed by a state legislator in Vermont could allow for the collection of taxes on cryptocurrencies transactions – in cryptocurrencies

Introduced on January 3 by Senator Alison Clarkson, the bill outlines how certain companies could be classified as “digital currency limited liability companies” and be required to pay a 0.01 USD tax “in the form of its digital currency “each time that cryptocurrency is created, traded or transferred.

“This bill proposes to implement strategies relating to blockchain, cryptocurrency, and financial technology in order to: promote regulatory efficiency; enable business organizational and governance structures that may expand opportunities in financial technology and promote education and adoption of financial technology in the public and private sectors.” stated the bill in its opening.

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

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