JAKARTA For the continued adoption of crypto in any jurisdiction, pro-crypto regulations are not only needed. But also supporting infrastructure that allows crypto adoption itself. Considering factors such as the number of Bitcoin ATMs, blockchain companies, and public interest in cryptocurrencies, Florida came out as the most prepared state for crypto adoption in the United States.
The US hosted a network of 33,865 Bitcoin ATMs, representing 87.1% of the total crypto ATM installations worldwide. In addition, the country contributed 37.8% of the global Bitcoin hash rate, making the US the most dominant player in the crypto industry. However, state-based analysis reveals that not all 50 countries are equally ready for inevitable mainstream crypto adoption.
Research conducted by Invezz views Florida as the US crypto capital as its active involvement with the growing crypto economy. Miami has one of the highest number of Bitcoin ATMs per person, with 14.63 per 100,000 people and one of the highest levels of public interest in crypto, with 210.28 Google searches for crypto topics per 1,000 people.
While Florida received the highest crypto-ready scores of 9.35, Texas and Illinois were placed just below with a score of 8.71 and 8.03, respectively. Surprisingly, Illinois's largest city Vermont is the only US state without Bitcoin ATMs.
On the other hand, Texas made up for it by hosting 4,101 ATMs, the state's largest crypto ATM network. Crypto-friendly Yurisdictions like Wyoming have the most blockchain companies per 100,000 people in more than 20, while California has the most with 2,670.
According to a Cointelegraph report, the presence of Bitcoin ATMs shows everyday crypto access and the ability to use the general public. In this case, residents of Texas, California, and Florida have the highest reach to engage with cryptocurrencies. The list below shows the top 10 states with the highest number of Bitcoin ATMs per 100,000 people and per 1,000 square miles.
For investors, the future of crypto adoption will also depend on state tax breaks. Currently, nine US states offer 0% capital tax gains to investors, including Washington, Wyoming, South Dakota, New Hampshire, Alaska, Nevada, Texas, Tennessee, and Florida.
The Office of the Comptroler of the Currency (OC) warned banks of the "risk of emerging" in the crypto industry while asking the sector to take a "private approach" when dealing with crypto companies.
When discussing risk management, the OCC said practices in crypto companies were not yet strong, highlighting the unpreparedness of the crypto ecosystem during some crypto exchange collapses over the past year.
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