In a recent report, CoinBase pointed out that 19% of New York's residents who participated in the study own cryptocurrencies. Moreover, a study commissioned by CoinBase also revealed that 1 in every 3 New Yorkers agrees that cryptocurrencies make the financial system fairer and consider them as "worthwhile investments for the future."
Bitcoin ATMs in Manhattan, New York City. Source: Coin ATM RadarApart from these findings, CoinBase's report also shed light on the continuous adoption of cryptocurrencies among New Yorkers, positioning the state as a hub for numerous blockchain-based projects. According to the report, there are 692 blockchain organizations and over 800 founders in the state of New York.
As the adoption of cryptocurrencies continues to grow within New York, regulators within the state are also emphasizing their ability to monitor digital currencies. On February 21st, the New York State Department of Financial Services (NYDFS) announced that it had implemented enhancements to its ability to detect illegal activities related to cryptocurrencies. According to the announcement, the department will have additional capabilities in terms of insider trading detection, market manipulation, and front-running activities.