The laws and regulations around cryptocurrency are ever-evolving, as is common with any industry in its nascent stages. But while most of these regulations at the federal level tend to generally constrain the space, some states have adopted an opposite approach.
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“Given the tough regulatory measures taken against crypto of late, I think people tend to forget that there’s a lot of positive momentum happening at the state level in terms of helping to foster growth in this emerging technology,” said Dan Nissanoff, CEO and founder of Game of Silks.
Indeed, a few states have emerged as being very crypto-friendly. While their reasons and methods of deploying openness toward the space may vary, it all stems from one core principle: the belief in the industry’s potential and future.
“There’s a number of other pro-crypto states, including Florida, Tennessee and Colorado,” said Nihar Neelakanti, CEO and co-founder of Ecosapiens. “But Wyoming and Texas seem to be the trailblazers at the moment, spearheading new and innovative legislation that other states seem to be adopting.”
Here is a closer look at three of the most crypto-friendly states in America so far.
Wyoming
Wyoming has been making crypto efforts on several fronts. As Neelakanti explained, Wyoming does not have a state income tax, “so you’re already relatively better off in terms of capital gains taxes, or relative lack thereof, if you’re a crypto trader.”
Beyond this, the state has passed laws, or is in the process of passing laws, that create propitious havens not just for investors in the industry — but also founders.
“Wyoming has led the way in creating a regulatory framework for DAOs (decentralized autonomous organizations), for example, and it also features laws when it comes to trusts and protecting privacy. Wyoming also features specific rules and regulations that make it easier to bank both crypto companies and crypto investors,” he said.
David Pope CPA, CGMA, and co-founder of The Wyoming Blockchain Coalition, said that Wyoming — rated seventh in the world and number one in the U.S., according to CoinDesk — has come a long way.
“We accomplished this by viewing crypto and…
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