The New York City Bar Association has introduced a bill to maintain New York City’s favorable position as a crypto hub. The new proposal is intended to encourage crypto companies to locate in New York and strengthen New York’s position as a leading trading hub.
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New York wants to strengthen its crypto position
The new bill promotes technological and commercial improvements that will reduce transaction costs. The proposal will also improve the efficiency and security of financial transactions within the New York jurisdiction. This emerges from studies by the Bar Association.
According to the New York City Bar Association, these are important factors that market participants consider when choosing a location. The bill would amend the New York Uniform Commercial Code (UCC). This UCC has not changed since 2014. However, according to the research, there have been many significant technological advances since then. One of these advances is of course the development of the crypto industry.
The study reports that New York is at risk of losing market participants to other US states and even other countries. 11 other states have already adjusted their business regulations.
“New York risks market participants favoring other states or even countries like England for transactions, including digital assets. These other jurisdictions are rapidly reforming their commercial laws to reflect new technologies and electronic transactions.”
Crypto hub New York
According to the research. New York has the largest number of crypto companies in the world. At the end of 2023, this number was 843 companies. The city is also considered one of the best crypto hubs in the world. New York only has to admit defeat to Dubai and London in this list. According to the bar association, the new regulations would be a good step for New York as a global crypto center.
“The adjustments will help solidify New York’s leading position in commercial and financial advancement. It will also hinder the migration of digital commerce to other jurisdictions. This will encourage and encourage technological and commercial progress.”
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