New York lawmaker wants to tax crypto sales and transfers.

New York Assemblymember Phil Steck introduced a bill that would see the state tax the sale and transfer of crypto assets. The US state of New York may tax the sales and transfers of crypto and non-fungible tokens (NFTs), under a bill submitted in the state’s Assembly.

Assembly Bill 8966, introduced on Wednesday by Democratic Assembly member Phil Steck, would add a 0.2% excise tax on digital asset transactions, including the sale or transfer of digital assets.

The bill, if passed, would take effect immediately and apply to all sales and transactions, starting Sept.

If enacted, the bill could bring in significant tax revenue for the state, as New York City is the world’s largest financial and fintech hub, home to industries that have embraced crypto by buying up billions worth of tokens or offering crypto based financial products.

Stablecoin issuers Circle Internet Group and Paxos, along with crypto exchange Gemini and analytics firm Chainalysis, are headquartered in the city, while many other crypto firms operate offices there.

New York was the first US state to launch a comprehensive regulatory regime for crypto, in 2015 introducing the BitLicense, a divisive permit that caused many crypto companies to leave the state as it was too burdensome. Others, such as Circle, Paxos and Gemini, embraced the opportunity to be regulated.