Stablecoins will be subject to taxation, while NFTs will be excluded from the list. DeFi transactions are generally exempt from the tax, except in cases where users pay fees considered “valuable consideration.” These include protocol fees charged for operating or maintaining the platform. Network fees and swap fees paid exclusively to liquidity providers are not taxed. Transfers from CEXs to customers’ non-custodial wallets may also be taxable if the exchange charges a fee. The law takes effect on January 1, 2027. At the same time, the state tax authority will accept proposals until October 30.