Abstract
The tax incentives for both cryptocurrency related businesses and speculating individuals are significant and should be explored. The absence of Federal and minimal and/or non-existent Puerto Rican taxes when combined with Federal business/individual protections and privileges create ideal conditions for cryptocurrency. Although so far there is little realized opportunity for cryptocurrency utilization or leverage within Puerto Rico or by its citizens, the potential tax shelter benefits far outweigh the (lax) eligibility requirements and location separate from the continental mainland. Changes to these tax incentive programs may occur in the future but significant gains could be realized if businesses and individuals successfully navigate public perception and the tax code. Ideally, a mutual beneficial relationship between outside cryptocurrency speculators, blockchain businesses, the government of Puerto Rico, and its citizens can be established but that is yet to be determined and would be historically novel.
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