Is Florida One of the Best States for Crypto Enthusiasts?

By  //  October 4, 2023

States across the US are beginning to incorporate cryptocurrency into their laws and practices, but it is a slow-moving process.

Digital currencies are not currently a widespread or common type of payment, making it difficult for crypto users to find places that suit their lifestyle. 

However, there are a number of states that are crypto-friendly, thanks to their tax laws, use cases for the currency, and accessibility and affordability. Florida is being named as one of the friendliest areas for crypto enthusiasts to move to, according to recent data. 

Cryptocurrency Laws in Florida

Laws relating to crypto in Florida have become more relaxed in recent years, allowing for wider usage of the currency. In addition to this, existing tax laws make owning digital assets much more enticing.

The state of Florida does not have state income tax laws, which means that any crypto earnings made by individuals or corporations will not be taxed, and 100% of the aforementioned earnings can be kept. This is very different from certain other states, such as California, Hawaii, or Oregon, which have high state income taxes, and would claim a higher percentage of any crypto profits. 

In 2021, businesses in Florida were legally entitled to pay state fees using digital currency, as part of a trial program. This showed a clear willingness by the local government to embrace cryptocurrency, and encourage its use across the state.

Additionally, crypto-led businesses were not required to attain a money transmission license before setting up shop in Florida. Being able to bypass this step made operating much easier and gave the impression that the digital assets industry was welcomed into the FL economy.

How Crypto Can be Used in Florida 

As well as these progressive regulations, Florida also allows residents to use crypto in many ways across the state. For example, gambling and online casinos are popular among residents of FL, and lots of these allow users to play with different cryptocurrencies. This in itself provides a reason for those with digital assets to visit the Sunshine State, as gambling with traditional currencies is not as accessible. 

As well as crypto-friendly betting, there are also a number of businesses and services that are now accepting digital currency as payment. The majority of these are online for now, but in the years to come it is likely that a trend will follow of more and more companies opening themselves up to crypto. 

There are also around 350 Bitcoin ATMs in Florida, making it remarkably easy for residents to buy and sell crypto.

Cryptocurrency Affordability in Florida

Compared to other states, Florida is a very affordable place for crypto users to move to. This is because of the relatively low cost of energy, which is approximately 8% lower than the national average

The reason this makes it more crypto-friendly is that cryptocurrency miners require high levels of energy to do their job. Florida, therefore, is one of the most cost-effective places to mine digital assets and maximize on profits!

Other Crypto Friendly States

Many states have positive cryptocurrency laws and lots of use cases for digital currencies, but there are also some where it won’t get you very far. The friendliest states for crypto in 2023 are Nevada, Florida, New Jersey, California, New York, Washington, Massachusetts, Illinois, and Colorado. 

Measuring which states are the best for cryptocurrency requires considering the number of crypto businesses, bitcoin ATMs, crypto jobs and job ads, and crypto-friendly laws. These factors can give a good indication of the level of interest in digital currency in a state, and the extent to which it is welcomed. 

Concluding Thoughts

When examining the tax laws and uses of cryptocurrency in the state, it becomes clear that Florida is very crypto-friendly and welcoming of the introduction of digital assets to the US economy. 

Interest in cryptocurrency continues to grow, and as it does, so will the number of states that make way for crypto businesses, trading, gambling, and more. In the meantime, there are still multiple places around America where enthusiasts can go to use their crypto.