New York is Beating Silicon Valley and Hong Kong As the New Crypto Wor

New York is Beating Silicon Valley and Hong Kong As the New Crypto World Capital

The Big Apple becomes the world epicenter of crypto culture, join us in this interesting article by Empirex Capital.

New York is becoming the “crypto capital”, ahead of places like Silicon Valley and Hong Kong. This city is known for being the nerve center of many companies, Hollywood productions and all kinds of events. Therefore, the introduction of cryptocurrencies in NY will provide them with a first-class showcase to make them known to a global audience. Blockchain enthusiasts are amazed at the developments with this initiative.

New York and cryptocurrencies

For years, the governments of the different federal states have opted to attract the blockchain and cryptocurrency industry. From the beginning it was seen as an opportunity to take advantage of the potential of a technology industry with growing assets. The United States already has Silicon Valley, the great capital of big tech, and New York has traditionally been the epicenter of world finance thanks to Wall Street. It is not surprising that mayors, governors and legislators have had a positive attitude towards cryptocurrencies by lowering taxes and maintaining more lax regulations.

Why does New York seem to be getting ahead of its domestic and international competitors?

To begin with, giants of the crypto world such as the Gemini exchange, the OpenSea NFT marketplace and blockchain analysts such as Chainalysis are based there. Being in New York certainly puts you on the map. It is a city with great activity and that does not rest. There are all kinds of events and occasions to publicize products or services that are offered. The technology sector, in particular, is one of the most prolific in this type of city, which is at the forefront of software development. For all these factors, it is an ideal scenario for cryptocurrencies to be used.

Big players interested in crypto and blockchain

Major New York private equity investors and managers also seem to have turned their attention to cryptocurrencies of late. Wall Street private banks are beginning to get involved in these markets and offer a full spectrum of financial services related to cryptocurrencies in their portfolios. Such is the fever for cryptocurrencies in Manhattan that even the recently elected mayor of New York, Eric Adams, dared to describe New York as “the center of the cryptocurrency industry”.

The crypto market has been consolidated in the US economy at the same time that other powers such as China have vetoed this sector. The Asian giant's ban caused the exodus of many Hong Kong-based companies, which found refuge and a much more favorable jurisdiction in the United States. Some cities like Miami and Austin offer incentives to companies in the sector in the form of lower taxes. Wyoming, for its part, has specific cutting-edge regulations that make it easier for cryptocurrency and mining companies to operate in its territory, having generated numerous jobs. An example of this is the company Kraken, one of the exchanges that offers services in several countries.

Created on 18th Apr 2022