Texas is 7 times larger
Texas GDP = $ 1.5 Trillion vs Skorea GNP = $1.4466 trillion
(texas is the tenth largest economy in the world...SKorea is the eleventh)
YET..I dunno of ANY crypto exchanges in Texas.
Odd that?
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Laws.
I imagine that you are correct.
Laws and regulations tend to do that.
they drag you down...and impede progress
and make lawyers rich.