Democratic lawmakers are attempting to end Puerto Rico's use as a tax shelter for cryptocurrency capital gains through the Fair Taxation of Digital Assets in Puerto Rico Act

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Democratic lawmakers, spearheaded by Rep. Nydia Velázquez, have introduced legislation aiming to end federal tax breaks for cryptocurrency investors in Puerto Rico, challenging the island’s reputation as a crypto-friendly tax haven under Act 60.

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Apr 21, 2025 - 12:00am

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The legislation proposed by New York Representative Nydia Velázquez came after the Puerto Rico Governor floated a 4% capital gains tax for new applicants.
Democratic lawmakers on Monday introduced a bill to block investors from using Puerto Rico as a cryptocurrency tax haven — a proposal unlikely to advance without Republican support and as Congress prioritizes extending the 2017 tax cuts.

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Week 17 of 2025
04/22/2025