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Illinois draft rules clarify 0.2% digital asset transaction tax scope

The proposal would treat stablecoins as taxable digital assets, while excluding nonfungible tokens, and lays out how the levy could apply across DeFi, crypto bridges, and self custody transfers.

Reported · Written up by our desk · Regulation

Illinois tax officials have published draft rules explaining how the already-enacted 0.2% digital asset transaction tax would apply to crypto activity.

According to Cointelegraph, the draft rules cover stablecoins, decentralized finance platforms and other activities including crypto bridges and self-custody transfers, and they provide implementation details on which transactions and digital assets fall within the tax scope.

The proposal would treat stablecoins as taxable digital assets, while excluding nonfungible tokens, and it says DeFi transactions would generally be exempt unless users pay fees considered within the measure.

The rules were published as part of the state’s effort to operationalize the transaction tax for different types of digital asset transfers and related activity.

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