Hong Kong is world’s most crypto-ready jurisdiction, new study claims

May 29, 2023

By Sharan Kaur Phillora

According to a study by foreign exchange education platform Forex, Hong Kong is among the most crypto-ready jurisdiction in the world. Factors considered to calculate a country’s readiness were the number of crypto ATMs proportional to the population and geographical size and the number of blockchain startups per 100,00 people.

Here’s what we know: 

While public acceptance is key to crypto’s existence, the road to mainstream crypto adoption requires governments to set up a supporting infrastructure that complements the requirements of the technology and the people. 

Factors such as crypto ATM installations, pro-crypto regulations, startup culture, and a fair tax regime signal a country’s readiness to adopt cryptocurrencies. 

Considering these factors, a Forex Suggest study revealed Hong Kong’s position as the best-prepared country for widespread cryptocurrency adoption, with a crypto-readiness score of 8.6. 

Despite having a bigger crypto infrastructure than the island nation, the United States and Switzerland reached the top three with lower crypto-readiness scores of 7.7 and 7.5, respectively. Switzerland has a crypto ATM every 161.5 miles (260 km), while the U.S. has installed crypto ATMs every 168.3 miles (271 km).  

Crypto taxes serve as the biggest deterrents to mainstream crypto adoption. Hong Kong, Switzerland, Panama, Portugal, Germany, Malaysia, and Turkey share the top spot for the lowest crypto taxes on capital gains.

About the author

Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.

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