Hong Kong Is The Unquestioned Crypto King, With The US And Switzerland Following Close Behind

Zinger Key Points
  • Hong Kong, the United States, and Switzerland have been ranked as the top three crypto-ready countries in the world.
  • The study considered factors such as the presence of crypto ATMs, favorable crypto taxes, and the number of blockchain startups.

In the ever-expanding realm of cryptocurrency, some countries are proving to be more crypto-ready than others.

A recent study has found Hong Kong, the United States, and Switzerland to be the front-runners in the race toward the widespread adoption of cryptocurrencies.

The study, conducted by Forex Suggest, titled Global Cryptocurrency Readiness Report, uses a methodology that combined data on cryptocurrency availability, taxation, legislation, blockchain startups, and public interest, assigning a normalized 1-to-10 score for each factor to arrive at the final ranking.

Hong Kong Takes Pole Position

Scoring an impressive 8.6 out of 10, Hong Kong earns the top spot for its commendable stance on cryptocurrency. The city-state's appeal to crypto enthusiasts is enhanced by its favorable taxation policies, which exempt capital gains on cryptocurrencies.

The city also boasts a high number of blockchain startups and crypto ATMs per capita.

The US Follows Suit

The United States takes the silver medal with a crypto readiness score of 7.7 out of 10.

The U.S. stands out for its massive network of crypto ATMs, which outnumbers the closest competitor by over 10 times. This widespread availability of ATMs sets the stage for greater adoption by making cryptocurrency more accessible.

Switzerland Secures Third Place

Switzerland, known for its robust financial infrastructure, secures third place with a score of 7.5 out of 10.

It has a high number of crypto ATMs per 100,000 people and does not levy a capital gains tax on cryptocurrencies. Moreover, the country is a hotbed for blockchain startups, ranking second globally.

Also Read: Mega Mansions Bought With Bitcoin: How Crypto Barons Are Reshaping Real Estate

Crypto ATMs: A Measure Of Adoption Readiness

The study identifies the availability of crypto ATMs as a key factor for ease of adoption.

The United States, Canada, and Hong Kong lead the pack in this category.

Proximity To Crypto ATMs

The study also measures the geographical proximity of crypto ATMs, with Hong Kong leading the chart, followed by Switzerland and the United States.

Countries with favorable crypto tax regimes, such as Hong Kong, Switzerland, Panama, Portugal, Germany, Malaysia, and Turkey, tend to encourage greater cryptocurrency trading.

Blockchain Startups: Indicators Of Crypto-Readiness

Switzerland, Hong Kong, and the United Arab Emirates top the list of countries with the most blockchain startups, reflecting their readiness to integrate cryptocurrency into their economic systems.

Peeking into Crypto-interest

Finally, Australia leads in terms of interest in cryptocurrency, followed closely by Ireland and the United Kingdom.
Read Next: Brazil's Money Makeover: Digital Real To Outshine Bitcoin?

Photo: Unsplash

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Posted In: CryptocurrencyNewsMarketsBlockchainChinaCrypto ATMsCrypto readinessCryptocurrency AdoptionCryptocurrency legislationCryptocurrency taxesHong KongSwitzerlandUnited States
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