With a score of 8.6 out of 10, Hong Kong ranked as the most Crypto-Ready Country. The number of crypto ATMs proportional to the population and geographical size and the number of blockchain startups per hundred thousand people acted as the factors to calculate each country’s crypto readiness.
Even though public acceptance is the most important aspect of maintaining crypto’s existence, mainstreaming crypto adoption is difficult without the government’s help. For mainstream crypto adoption, the country’s government must set up infrastructure to support and complement the people’s and technology’s needs.
Any country’s readiness to adopt cryptocurrencies include crypto ATM installations, regulations favoring crypto, startup culture, and a fair tax regime. Based on these factors, a study report by Forex Suggest revealed that Hong Kong stood first among the top countries which are prepared for widespread cryptocurrency adoption.
The United States and Switzerland have a larger crypto infrastructure than the island nation. Despite this, they secured lower place, with 7.7 and 7.5 crypto-readiness scores, respectively. The list below shows the top twenty countries with their crypto-readiness scores.
Source: Forex Suggest study report
Since the number of crypto ATM installations proportional to the population and geographical size of the jurisdiction and the number of blockchain startups per 100,00 people was the most important factor, Hong Kong’s smaller land mass helped the country top the list.
The data on the CoinATMRadar features that the U.S. accounts for 88% of the global crypto ATM installations. On the other hand, Hong Kong installed a network of merely 146 crypto ATMs. This number accounted for just 0.4% of crypto ATMs across the world. However, since this island country has a small geographical area, the residents of Hong Kong are never more than a distance of 7 kilometers (4.3 miles) from a crypto ATM.
When we check the same for Switzerland, it has installed a crypto ATM every 271 km, i.e., every 161.5 miles. The U.S. has 168.3 miles or 271 km distance between every crypto ATM.
Source: Forex Suggests
Taxes On Crypto Assets
One major hindrance to mainstream crypto adoption is the tax levied on crypto assets. Countries like Hong Kong, Switzerland, Panama, Portugal, Germany, Malaysia, and Turkey have secured the top positions in the list of nations with the lowest crypto taxes for capital gains.
Interest In Cryptocurrency
Source: Forex Suggest
Apart from these, the sentiments of the financial giants or investors of the country also affect the country’s crypto-readiness. The fact that the investors of some major economies have been showing increasing interest in the crypto world indicates a healthy pro-crypto global competition.