Will Florida's new bitcoin program attract more Bitcoin Investment?

DeSantis proposed a program to enable businesses in Florida to pay state fees in bitcoin and cryptocurrencies, among other cryptocurrency-related proposals included in the state’s budget for next year. The move is an attempt to attract further Bitcoin investment to Florida.

How many Florida residents own bitcoin?

9% of respondents living in Florida currently own Bitcoin, according to an online Google survey of 1,418 people conducted across December 13-January 10, 2022. However, an additional 7% said they don’t own Bitcoin yet but plan to buy some in 2022, meaning Bitcoin adoption in Florida could hit 16% by the end of the year.

Can you sell bitcoin in Florida?

Thanks to tough legal requirements, selling Bitcoin in the state requires a Money Services license in addition to the maintenance of an anti-money laundering program. Such restrictions make Florida a difficult state to do Bitcoin-related businesses in. Mining activity in the state is also limited.

What is Florida's New Cryptocurrency Law?

Florida’s Governor Ron DeSantis signed new cryptocurrency legislation on May 12, 2022. The new law provides a legal definition of what virtual currency is, amends Florida’s financial regulations related to money service businesses (MSBs), while ultimately reducing restrictions on Florida’s crypto industry.