US lawmakers propose crypto tax bill targeting the use of Puerto Rico as a tax haven

U.S. Rep. Nydia Velazquez of New York has introduced the Puerto Rico Digital Asset Fair Taxation Act, which aims to stop investors from using the U.S. territory of Puerto Rico as a cryptocurrency tax haven. The bill could change Puerto Rico's current law to require specific investors to pay local and federal taxes on capital gains, including gains from digital assets. The bill would reportedly add provisions to Puerto Rico's Internal Revenue Code to make cryptocurrency income subject to federal tax laws.