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Illinois’ Department of Revenue has released draft implementation rules for the state’s 0.2% tax on crypto transactions, which is scheduled to take effect in January 2027, Cointelegraph reported.
Under the draft, fiat-pegged stablecoins would be included in the tax base, while non-fungible tokens, or NFTs, would be excluded. In DeFi, simple gas fees and liquidity provider swap fees would not be taxed, but protocol-level operating fees would be subject to the levy. The 0.2% tax would also apply to exchange fees generated through broker-mediated cross-chain bridge transactions and transfers from centralized exchanges to self-custody wallets. After passing the bill in June despite industry opposition, Illinois plans to gather industry feedback through Oct. 30 before finalizing the enforcement rules.