Puerto Rico and Wyoming have gained fame as technological leaders for enacting crypto-friendly laws and practices. Many prefer Puerto Rico's cultural, meteorological, and tax environment to Wyoming's, and given a choice between the two, it's easy to see why human capital is flocking to the Caribbean.
Missouri offers a middle ground as far as climate and culture are concerned, with unique characteristics crypto miners would find attractive - but no tax advantages like Puerto Rico, and no favorable corporate and tax policies like Wyoming. Could Missouri see a revitalization if it was made into a crypto-haven?
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TLDR: Puerto Rico and Wyoming have paved the way for favorable policies regarding cryptocurrencies and blockchain technologies.
Missouri offers environmental and economical conditions that crypto enthusiasts find desirable, but does not offer crypto-friendly tax and corporate setups like Puerto Rico and Wyoming.
Missouri is succumbing to devastating brain drain and crime rates are very high. Could making Missouri a crypto-haven revitalize the state with human and monetary capital?
Cryptocurrency mining is the process of selling computational power to facilitate the operation of cryptographic technologies, and in exchange, miners are rewarded for their processing contribution. Additionally, blockchain technology offers a completely new way of operating a company, but with unclear tax and policy implications.
Puerto Rico offers the best tax advantages around for crypto and blockchain, and Wyoming recently got on board with these new technologies by passing favorable laws that are groundbreaking on the United States mainland.
Missouri (especially the Missouri Ozarks) offers favorable conditions that crypto miners look for, including safe, cool spaces for crypto setups, cheap electricity with the possibility for alternative sources, and relatively inexpensive property. However, Missouri is like the rest of the United States in that it does not offer tax and economic incentives - unlike Wyoming and Puerto Rico.
Puerto Rico and Wyoming have pioneered favorable policies for cryptocurrency and blockchain companies by offering powerful tax incentives (in Puerto Rico's case) and - in Wyoming's case - defining utility tokens as something other than currency or securities, in addition to offering a special corporate structure for blockchain companies and a handful of other advantages.
Could Missouri and the Midwest have a better future if they adopted crypto- and blockchain-friendly policies?
It is well-documented that Human Capital Flight destroys cities, states, and even entire countries - arguably, in some cases, permanently. It is likely other states and geopolitical entities will follow Puerto Rico and Wyoming's example, favoring early adopters of friendly cryptocurrency and blockchain policies over those who adopt later.
If Missouri elected to be among the leaders in crypto-friendly laws early, the positive effects could be of greater magnitude than if Missouri follows the (predicted) path of widespread blockchain-friendly legislation later. Missouri is a beautiful but ailed state - can crypto save Missouri and the Midwest?
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