{"id":272198,"date":"2021-06-11T18:40:00","date_gmt":"2021-06-11T15:40:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/miami-stakes-the-claim-to-become-the-worlds-bitcoin-and-crypto-capital\/"},"modified":"2021-06-11T18:40:00","modified_gmt":"2021-06-11T15:40:00","slug":"miami-stakes-the-claim-to-become-the-worlds-bitcoin-and-crypto-capital","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/miami-stakes-the-claim-to-become-the-worlds-bitcoin-and-crypto-capital\/","title":{"rendered":"# Miami stakes the claim to become the world\u2019s Bitcoin and crypto capital"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a23e7f6c066d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a23e7f6c066d\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/miami-stakes-the-claim-to-become-the-worlds-bitcoin-and-crypto-capital\/#Enabling_legislation_is_critical\" >Enabling legislation is critical<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/miami-stakes-the-claim-to-become-the-worlds-bitcoin-and-crypto-capital\/#Miami_as_seen_from_abroad\" >Miami as seen from abroad<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/miami-stakes-the-claim-to-become-the-worlds-bitcoin-and-crypto-capital\/#A_new_center_of_gravity\" >A new center of gravity?<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Miami stakes the claim to become the world\u2019s Bitcoin and crypto capital  <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDYvN2RjYzVjZmMtYmE3YS00MzhlLWJjMmUtMzljMDU1NWZlY2I1LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>As Miami comes down from the \u201chigh\u201d of having hosted the \u201clargest-ever\u201d Bitcoin event, it seems reasonable to ask: <em>Does the Sunshine State\u2019s entrepot really have what it takes to become \u201cthe world\u2019s cryptocurrency capital?\u201d<\/em> \u2014 a new role foreseen by its dynamic mayor. If not, could Miami at least become the next Crypto Valley \u2014 i.e., a cradle for cryptocurrency and blockchain innovation like the Swiss canton of Zug?<\/p>\n<p>The optics certainly look good. As the New York Times <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2021\/06\/05\/technology\/miami-worship-bitcoin.html\">noted<\/a> in its coverage of last week\u2019s Bitcoin 2021<em> <\/em>gathering, \u201cThe city has gone full crypto,\u201d with Bitcoin ATMs sprinkling Miami\u2019s Wynwood neighborhood. Meanwhile, crypto exchange FTX has secured the naming rights for the Miami Heats arena, while there was also a proposal by Miami mayor Francis Suarez to allow citizens to pay taxes with cryptocurrency, among other things.<\/p>\n<p>But others caution that a lot of hard work still awaits \u2014 and regulatory\/legislative events have to take a favorable turn before Miami can lay claim to being the capital of anything in the rapidly evolving cryptoverse.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Enabling_legislation_is_critical\"><\/span>Enabling legislation is critical<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u201cMiami cannot do this without the Florida state legislature passing pro-crypto legislation,\u201d Zachary Kelman, managing partner at Kelman Law, told Cointelegraph, which followed with a question about Bitcoin 2021 being a milestone event and harbinger of big things to come. Kelman answered, \u201cYes, but in large part due to the pent-up demand for such a conference given the crypto bull market occurring during the pandemic.\u201d<\/p>\n<p>Kelman is no crypto skeptic \u2014 quite the opposite. He belongs to the Florida Blockchain Business Association, which is actively lobbying for the necessary crypto-enabling state legislation. If that is secured, Miami could become a crypto hub, even without federal legislation, he said, because:<\/p>\n<blockquote><p>\u201cMoney transmission rules, which are mostly governed by state legislatures, hold the keys for crypto businesses to thrive in a particular jurisdiction. Most of the activity remains in the exchange space, followed by the growth of \u2018DeFi\u2019 projects, which also often fall under the state money transmission rules.\u201d<\/p><\/blockquote>\n<p>Miami has other advantages over other emerging crypto hubs \u2014 even Wyoming, which already has crypto-supportive state laws \u2014 Hemang Subramanian, assistant professor at Florida International University\u2019s business school, told Cointelegraph. Miami is an international city with a developed banking infrastructure, and many venture capitalists and high-net-worth individuals are interested in funding innovation. Moreover, \u201cit is one the largest financial hubs in the country, with a large port and a huge expat population from South America, the Caribbean and Europe.\u201d<\/p>\n<p>Benjamin Sauter, a lawyer at Kobre &amp; Kim LLP, agreed with Subramanian that Miami was an <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ealing destination and business hub \u201cparticularly as digital currencies begin to take the Latin American market by storm.\u201d Florida also lacks a state income tax \u2014 another plus, he told Cointelegraph. But those advantages still may be unable to transform the city into a global crypto hub, even with favorable state legislation:<\/p>\n<blockquote><p>\u201cMost of the serious legal work needs to happen at the federal level. Much of the current discussion focuses on Anti-Money Laundering, international cooperation and asset recovery, and tax enforcement. Wealthy individuals and companies in the [crypto] space would do well to plan for government scrutiny and enforcement measures in these areas, rather than holding their breaths for a quick fix in Miami.\u201d<\/p><\/blockquote>\n<p>Lane Kasselman, chief business officer of Blockchain.com, which recently announced that it was moving its U.S. headquarters from New York to Miami, was understandably bullish about the company\u2019s sunny new second home and told Cointelegraph, \u201cMiami is already the [new] Crypto Valley, and the announcements last week prove it.\u201d Mayor Suarez is acting as a vocal proponent for <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> investment in the region, he added, and \u201cMiami\u2019s welcoming regulatory environment will help fuel crypto innovation.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Miami_as_seen_from_abroad\"><\/span>Miami as seen from abroad<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>What about the view from further afield? Thomas N\u00e4gele, an attorney who played a role in the evolution of Crypto Valley, told Cointelegraph, \u201cI think that Miami is in a very good position to become a blockchain hub like the Crypto Valley in Switzerland and the crypto country Liechtenstein,\u201d while adding several caveats:<\/p>\n<blockquote><p>\u201cA blockchain hub is not something that can simply be imposed; it has to be supported by the community, requires a certain number of companies that are active in this area, and, last but not least, needs legal clarity.\u201d <\/p><\/blockquote>\n<p>This last item, \u201clegal clarity,\u201d is of the utmost importance, N\u00e4gele stressed, and \u201cthe perfect example for that is Liechtenstein with its TVTG \u2014 also known as Blockchain Act \u2014 which provides the legal framework for the tokenization of assets.\u201d<\/p>\n<p>Ian Simpson, senior marketing and communication manager at Bitcoin Suisse AG \u2014 a company based in the Crypto Valley \u2014 told Cointelegraph, \u201cOne challenge for larger cities and countries is that crypto can be \u2018swallowed up\u2019 by the wider tech ecosystem, and this can dilute the attractiveness to blockchain projects.\u201d He added, \u201cClose contact and access to ideas, talent and quality services are some of the things that have made Switzerland\u2019s Crypto Valley what it is. We\u2019ll have to wait and see how things develop in Miami.\u201d<\/p>\n<p>When asked if Bitcoin 2021 should be viewed as a milestone event for the crypto and blockchain space, Simpson answered that while it was a welcoming event, particularly after all the lockdowns of the past year, \u201cIt does not seem to have marked any significant change or development in the community \u2014 and as we saw it had absolutely no effect on the markets.\u201d<\/p>\n<p>N\u00e4gele, for his part, called it \u201ca pity\u201d that most European countries were on a quarantine list and were unable to join the Bitcoin 2021 gathering, \u201cbut what my friends were telling me, it was an amazing event, and this is always a good start for an ecosystem.\u201d While Kasselman commented, \u201cThere\u2019s no question we\u2019ve reached a critical inflection point where crypto has moved from niche to mainstream,\u201d he further explained to Cointelegraph:<\/p>\n<blockquote><p>\u201cWhat\u2019s notable is that the conference wasn\u2019t just about Bitcoin, it was about the ecosystem: From DeFi to NFT to SushiSwap. Crypto is an industry, not just a [single] highly valued token.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"A_new_center_of_gravity\"><\/span>A new center of gravity?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Overall, is it even possible to identify the crypto\/blockchain world\u2019s nerve center, and if so, could it change? It may shift from time to time, said N\u00e4gele, \u201cdepending on where attractive conditions exist for the relevant companies. Europe and especially Switzerland and Liechtenstein were certainly early adopters, and recently, Asia is catching up. I really look forward to welcoming Miami to the club, but finally, I hope that we consider the world as the crypto hub.\u201d <\/p>\n<p>Simpson added, \u201cThe U.S. has a strong position in the blockchain and crypto space by virtue of its lead in technology and with the recent IPO of Coinbase. However, Europe and Switzerland seem to offer more openness on the regulatory side, and the Asian ecosystem also has a great deal of weight by virtue of scale.\u201d But it is still difficult to point to a single center of gravity in the blockchain ecosystem, he added.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>The female speakers who made an impact at Bitcoin2021 in Miami<\/em><\/strong><\/p>\n<p>\u201cWhile the U.S. and Europe get much of the press, Latin America and Asia show the fastest retail user growth,\u201d added Kasselman. \u201cIt\u2019s likely as crypto becomes more ubiquitous across financial services, we\u2019ll see emerging markets accelerate adoption for the core products, and mature markets grow their usage of the expanding crypto ecosystem.\u201d<\/p>\n<p>\u201cI think Miami could easily be the American capital of crypto if it isn\u2019t already,\u201d noted Kelman. \u201cHowever, without federal legislative support, it is impossible for Miami to become the international crypto capital,\u201d and recent signs \u201cpoint to more onerous federal legislation rather than crypto-friendly laws in the near term.\u201d <\/p>\n<p>Subramanian said that regulation always follows innovation, and \u201cin a democracy, the people\u2019s \u2018will\u2019 will eventually play out.\u201d That is, the requisite state and federal legislation will come eventually. \u201cIf Zug in Switzerland can become a crypto-blockchain haven, Miami can too. It is more diverse, more international, and much more capital-friendly,\u201d he added.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/miami-stakes-the-claim-to-become-the-world-s-bitcoin-and-crypto-capital\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Miami stakes the claim to become the world\u2019s Bitcoin and crypto capital &#8221; As Miami comes down from the \u201chigh\u201d of having hosted the \u201clargest-ever\u201d Bitcoin event, it seems reasonable to ask: Does the Sunshine State\u2019s entrepot really have what it takes to become \u201cthe world\u2019s cryptocurrency capital?\u201d \u2014 a new role foreseen by&#8230;<\/p>\n","protected":false},"author":1,"featured_media":272199,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDYvN2RjYzVjZmMtYmE3YS00MzhlLWJjMmUtMzljMDU1NWZlY2I1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74894,74355,70954],"class_list":["post-272198","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-blockchain","tag-adoption","tag-miami"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/272198","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=272198"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/272198\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/272199"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=272198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=272198"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=272198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}