In a recent report, a US based exchange has revealed startling figures for crypto adoption in the New York. To this, the report highlighted various milestones in the states that have been achieved regarding crypto adoption.
According to the report, over 19% of New York residents who participated in the survey own crypto assets. Additionally, one in three New Yorkers agreed that crypto makes the financial system fairer and described it as a “worthwhile investment for the future.“
The report did not limit to crypto adoption and also highlighted that the state continues to become a home for blockchain-centered projects. The report gave credits of these increasing blockchain projects to New York residents who continue to embrace the idea of crypto.
According to the report, 692 blockchain organisations and over 800 founders are based in New York state. Notably, amid the growing crypto adoption in the state, regulators are improving their capacity to supervise digital currencies.
In February, the New York State Department of Financial Services announced it had enhanced its ability to detect crypto-related illegal activities. According to the announcement, the department will have additional capabilities in detecting insider trading, market manipulation and front-running activities.
Prior to that, in January, Adrienne A. Harris, superintendent of the NYDFS, recommended that custodians segregate customer and corporate crypto assets.
While New York has come out as an anti-crypto state at certain instances, the recent statistics paint new image and show the increasing adoption. In November, New York had banned crypto mining activities for two years.
Simultaneously, amid the increasing global crypto adoption, United States has been leading at the forefront. As reported by Todayq News, as of January, the global crypto ownership rate surged over 420 million at an average of 4.20%. As US leads the race, North America has 54 million crypto owners whereas South America has 33 million.
Another similar report had revealed North America have been least concerned about researching before investing. About 64% of North American investors spend less than two hours or don’t do any research at all before making a crypto investment.
However, it is important to note that the growing adoption needs to backed by the implementation of regulation to minimise the threats. In the past weeks, the US has been actively engaging in crypto related discussions to regulate the sector.