سعر ISLAND TokenISLAND

$ISLAND look for huge breakout✅ btc t2t2 mother eth afa ada sol looka defi all magic hype

⚡ INSIGHT: Former Love Island Australia star turned crypto influencer, @van00sa, shares her secrets for going viral in crypto. X Hall of Flame via Cointelegraph Magazine

Are you a crypto investor enjoying the tax benefits of Puerto Rico? Hold on tight, because a shocking new bill from a U.S. lawmaker could drastically alter your financial landscape. Representative Nydia Velázquez has introduced the Fair Taxation of Digital Assets in Puerto Rico Act, and it’s sending ripples of concern throughout the crypto community. Let’s dive into what this means for you and your digital assets. The heart of the matter is the Fair Taxation of Digital Assets in Puerto Rico Act. Introduced by U.S. Representative Nydia Velázquez, this bill directly targets the existing tax advantages that have made Puerto Rico a haven for crypto investors. Currently, individuals meeting certain residency requirements in Puerto Rico can benefit from significant tax exemptions, particularly on capital gains. This has attracted a wave of crypto enthusiasts and businesses to the island, boosting its economy and positioning it as a burgeoning crypto hub. However, this new legislation aims to change the game. What does the bill propose? For years, Puerto Rico has been promoted as a tax-friendly jurisdiction for investors, particularly under Act 60 (formerly Act 22 and Act 20). These acts offered substantial tax exemptions to new residents and businesses, leading to an influx of individuals from the mainland United States seeking to minimize their tax liabilities. The crypto sector was a significant beneficiary of this, with many crypto entrepreneurs and investors establishing residency in Puerto Rico. Now, this legislative move threatens to disrupt this ecosystem. Nydia Velázquez is a highly influential member of the U.S. House of Representatives, representing New York’s 7th congressional district. Her introduction of this bill signals a growing scrutiny of crypto tax havens within the U.S. territories and potentially broader implications for US crypto regulation. Why is Velázquez focusing on Puerto Rico? Velázquez’s involvement adds significant weight to this legislative effort. As a senior member of Congress, her initiatives often garner considerable attention and support. This bill is not just a minor adjustment; it’s a clear signal that lawmakers are paying close attention to how crypto wealth is being taxed (or not taxed) and are prepared to take action. The potential enactment of the Fair Taxation of Digital Assets in Puerto Rico Act has significant implications for Puerto Rico crypto investors. Let’s break down the key areas of impact: For those who have made Puerto Rico their home primarily for tax optimization on their crypto holdings, this bill presents a serious challenge. The financial calculus that made Puerto Rico so appealing could be fundamentally altered, forcing investors to reconsider their residency and investment strategies. If the Fair Taxation of Digital Assets in Puerto Rico Act becomes law, Puerto Rico crypto investors will need to adapt quickly. Here are some key considerations and actionable insights: The introduction of this bill underscores the evolving global landscape of digital asset tax and regulation. Crypto investors must be proactive in understanding and adapting to these changes to ensure compliance and optimize their financial outcomes. The future of crypto in Puerto Rico and the broader landscape of crypto tax regulations are uncertain, but this bill signals a clear direction. It’s becoming increasingly evident that tax havens, even within U.S. territories, are facing increased scrutiny. Governments worldwide are seeking to capture tax revenue from the burgeoning crypto economy, and the days of lightly regulated or untaxed crypto gains may be numbered. Looking Ahead: The situation in Puerto Rico serves as a critical case study. It highlights the tension between attracting investment through tax incentives and ensuring tax fairness and revenue collection. As the crypto industry matures, navigating the complexities of global tax regulations will be a key challenge for investors and businesses alike. In conclusion, the Fair Taxation of Digital Assets in Puerto Rico Act is a critical development for crypto investors. It represents a potential paradigm shift in how digital assets are taxed in Puerto Rico and possibly sets a precedent for broader US crypto regulation. Staying informed, seeking expert advice, and adapting proactively are essential steps for anyone involved in the crypto space in Puerto Rico and beyond. To learn more about the latest crypto tax updates and regulatory trends, explore our article on key developments shaping crypto regulation globally. Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Democratic lawmakers introduced new legislation on Monday to eliminate Puerto Rico’s allure as a crypto tax haven. The Fair Taxation of Digital Assets in Puerto Rico Act of 2025 was introduced by Representative Nydia Velázquez of New York. The measure aims to fill a loophole allowing crypto investors to pay no federal taxes by moving to the island. Currently, residents of Puerto Rico who are considered bona fide residents of the island can pay little or no local or federal taxes on their capital gains, including profits earned from cryptocurrency trading, under Act 60. This policy has drawn thousands of wealthy investors over the past decade. The proposed law would add a provision to the Internal Revenue Code requiring that digital asset income earned by Puerto Rico residents be taxed under the same federal rules as income earned on the U.S. mainland. The influx of crypto-investors has reportedly done more damage than good to the local Puerto Rico population, according to Velázquez and other lawmakers. Instead of strengthening the economy, they say, an influx of rich crypto traders has inflated living costs, particularly in property markets. “This wave of crypto investors hasn’t helped Puerto Rico’s recovery or strengthened the local economy,” Velazquez said. According to her, it has only driven up housing costs, pushed out local residents, and added pressure to an island where nearly 40% of people live in poverty — all while costing the federal government billions in lost tax revenue. The Joint Committee on Taxation said that the tax breaks for investors will cause the federal government to lose an estimated $4.5 billion in revenue between 2020 and 2026. The economic divide is becoming more apparent in cities such as San Juan, where the signs of luxury real estate developments have multiplied even as many local families cope with high rents and limited options for work. Earlier this month, Puerto Rico’s new governor, Jenniffer González, proposed slightly tightening Act 60. Her proposal would keep the benefits in place until 2055 but would apply a 4% tax over new applicants’ capital gains — still far lower than the 20–37% rates that many crypto investors would pay on the mainland. Proponents of the existing tax regime say it has attracted much-needed investment and innovation to Puerto Rico. Rich newcomers, they say, are helping build a more robust technology and finance sector, create jobs, and modernize the island’s economy. Crypto advocates say that without the tax breaks, these investors would have gone elsewhere with their money. But critics are skeptical, noting that most benefits have gone to the wealthy, not to average Puerto Ricans. The political road ahead for the bill appears murky. Republicans have historically favored lower taxes and seem unlikely to sign off on a piece of legislation they view as anti-crypto. Adding another twist to the political poker game, President Donald Trump recently embraced cryptocurrencies . He has vowed to undo regulations that are suffocating the digital asset sector. Velázquez’s bill faces an uphill battle with Congress focused on broader tax arguments. Still, the effort underscores mounting tensions over balancing innovation versus fairness and economic justice — not just in Puerto Rico but nationally. Cryptopolitan Academy: Coming Soon - A New Way to Earn Passive Income with DeFi in 2025. Learn More

The legislation proposed by New York Representative Nydia Velázquez came after the Puerto Rico Governor floated a 4% capital gains tax for new applicants. US lawmaker targets crypto investors using Puerto Rico as a tax haven A member of the House of Representatives has proposed legislation aimed at stopping investors from using the US territory of Puerto Rico as a crypto tax haven. According to an April 21 Bloomberg report, New York Representative Nydia Velázquez introduced the Fair Taxation of Digital Assets in Puerto Rico Act, a bill that could change existing laws in the territory to require certain investors to pay local and federal taxes on capital gains, including from digital assets. The legislation would reportedly add text to Puerto Rico’s Internal Revenue Code, making income from cryptocurrencies subject to federal tax laws. “This wave of crypto investors hasn’t helped Puerto Rico’s recovery or strengthened the local economy,” said Rep. Velázquez, according to Bloomberg. “Instead, it’s driven up housing costs, pushed out local residents, and added pressure to an island where nearly 40% of people live in poverty — all while costing the federal government billions in lost tax revenue.” Puerto Rico is well known as a tax haven for many people in the crypto industry since the territory began allowing exemptions in 2012 under Act 20 and Act 22 of the Tax Incentives Code — later consolidated as Act 60. The island has attracted investors, including Pantera Capital founder Dan Morehead, venture capitalist Brock Pierce, and online influencer Logan Paul. Missing out on crypto tax revenue Rep. Velazquez’s office reportedly said Puerto Rico could lose roughly $4.5 billion in revenue from 2020 to 2026 due to the tax incentives in place. In contrast, Puerto Rico Governor Jenniffer González-Colón proposed extending Act 60, set to expire in 2035, to the end of 2055, but requiring applicants to be subject to a 4% capital gains tax rate, smaller than the typical range up to 37% in the US.