Summary
- A US Democratic Congressman announced the proposal of the Puerto Rico Digital Asset Fair Taxation Act.
- The bill mandates the payment of local and federal taxes on capital gains, including digital assets, in Puerto Rico.
- It was explained that the move of cryptocurrency investors to Puerto Rico does not provide substantial help to the local economy.
In the United States, where the preparation of virtual asset (cryptocurrency) related legislation is accelerating, discussions on virtual asset taxation are in full swing. A bill for virtual asset taxation has been proposed in the US House of Representatives by the Democratic Party.
According to Bloomberg News on the 21st (local time), New York State Representative Nydia Velázquez has proposed the 'Puerto Rico Digital Asset Fair Taxation Act.'
The bill aims to mandate certain investors in Puerto Rico to pay local and federal taxes on capital gains, including digital assets.
Puerto Rico is a country frequently visited by wealthy Americans seeking tax relief benefits. This is because residing in Puerto Rico for a certain period allows exemption from capital gains tax. It has been reported that many American investors who have made significant income through virtual asset investments have also migrated to Puerto Rico.
Representative Velázquez explained about the bill, saying, "It will ensure that everyone acts according to the same rules," and added, "Cryptocurrency investors moved to Puerto Rico for tax havens, but it did not bring any benefits to Puerto Rico. It neither strengthens the local economy nor does it only raise real estate prices."
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
