Illinois governor approves crypto transaction tax despite industry uproar

▤ Summary

Illinois has approved a 0.2% tax on crypto transactions involving state residents as part of its new budget. The law also adds registration and reporting obligations for digital asset brokers operating in the state. Industry groups argue the measure will push innovation and companies out of Illinois and single out crypto compared with traditional financial assets. The tax takes effect on Jan. 1, 2027, and could affect both in-state and out-of-state firms with enough Illinois customer activity.

▦ Linked Companies