Rep. Nydia Velázquez has introduced the Fair Taxation of Digital Assets in Puerto Rico Act to end tax benefits for crypto investors. This legislation seeks to enforce taxes on capital gains from digital assets in Puerto Rico.
The Representative warns that crypto investments are worsening poverty and housing issues in Puerto Rico. Nearly 40% of residents live in poverty, and these tax incentives may be costing the federal government billions.
Puerto Rico attracts crypto investors due to favorable tax laws. Governor Jenniffer González-Colón proposes extending tax incentives with a new capital gains tax, potentially conflicting with Velázquez’s legislation, as the territory could lose around 4.5 billion USD in revenue.
Leave a Reply