The cryptocurrency landscape has been constantly evolving, with nations around the world taking various stances on its integration. Which country is, however, the most 'ready' for full adoption of digital assets? According to the latest report by Forex Suggest, Hong Kong takes the top spot for being the most prepared for cryptocurrency adoption, followed closely by Switzerland and the United States in third place.
Hong Kong Best Prepared for Crypto Adoption
The study by Forex Suggest includes all countries in the OECD, G20, and European Union where data is available, aiming to identify which nations are most prepared for the adoption of digital assets.
Hong Kong continues to lead the pack with a crypto readiness score of 8.36. The tax-free nature of crypto trading in this semi-autonomous region and the high number of crypto ATMs contribute to its top rank. The special administrative region benefited from opening up to retail traders in June, further bolstering its top position in the rankings for crypto readiness.
"We’ve considered various relevant factors, from the number of businesses in the industry to public interest and the legal standing of crypto,” the report's authors commented.
Switzerland follows closely behind with a score of 8.18. The country's longstanding reputation as a financial center and a high number of crypto businesses make it a strong contender. The United States ranks third with a score of 7.25, maintaining its position due to a high rate of crypto ATMs and overall technological prowess.
New Entrants and Shake-ups in the Top 10
While the top three have remained the same since 2022, there have been notable shifts in the rankings below them. Slovenia and Canada have joined the top 10, along with Australia, Germany, and Bulgaria. These countries have shown rapid growth in their crypto ecosystems, increasing their rank significantly within a year. In contrast, countries like Ireland and the Czech Republic have seen a substantial drop in their rankings.
“Last year, four countries were tied for fourth place, including Croatia, Georgia, Romania and the United Arab Emirates. Of these, only Georgia remains in fourth, with the rest falling out of the top 10 entirely,” additionally stated in the report.
Five other countries failed to return to the top 10 this year, with Ireland notably dropping 40 places to rank 48th. Meanwhile, the Czech Republic, Greece, and Slovakia also failed to elevate in the rankings.
Netherlands Leads in Crypto Searches United States in Crypto ATMs
When it comes to public interest in cryptocurrencies, the Netherlands stands out with 2,524 crypto searches per 100,000 people. Singapore and Slovenia follow, indicating a growing awareness and interest in cryptocurrency in these nations.
In the meantime, the United States and Canada lead the world in the number of crypto ATMs per 100,000 people, at 9.2 and 7.2, respectively. Georgia also makes it into the top three, emphasizing the country's sustained interest in cryptocurrencies.
Despite its small size, Hong Kong has the highest number of crypto ATMs per 1,000 square kilometers, followed by Switzerland and the United States. This highlights how densely populated areas are increasingly becoming hubs for crypto adoption.
Estonia has emerged as a hotspot for blockchain and crypto companies, with 18.4 companies per 100,000 people. Singapore and Switzerland are also prominent players in this sector, indicating a strong business environment conducive for crypto andblockchain development.
While many countries are still fine-tuning their tax policies around cryptocurrencies, some nations offer tax benefits to attract crypto investors. Singapore and Germany have especially enabled favorable conditions, but it is essential for traders to understand the tax implications in their respective countries thoroughly.
This article was written by Damian Chmiel at www.financemagnates.com.
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