Hong Kong has been ranked as the most crypto-ready jurisdiction for the second consecutive year in 2023, according to a study that evaluates the readiness of countries for widespread cryptocurrency adoption. The study, which factors in various aspects such as the presence of crypto ATMs, the regulatory environment, accessibility, and legality, gave Hong Kong a Crypto Readiness Score (CRS) of 8.36.
Switzerland climbed to the second spot with a 9% increase in its CRS score, reaching 8.18, while the United States fell to third place after experiencing a 6.5% decrease in its CRS score from 7.7 in 2022 to 7.25 in 2023.
The factors contributing to a country's CRS include the number of crypto ATMs, crypto-friendly regulations, a thriving startup culture, and a fair tax regime. Notably, countries like Slovenia, Canada, and Australia managed to secure positions in the top 10.
The Netherlands emerged as a nation with a high interest in cryptocurrencies per capita. The United States boasts the largest network of Bitcoin ATMs, while Hong Kong has the highest density of crypto ATMs per square foot due to its smaller land area.
Estonia, Singapore, and Switzerland are considered busy hubs for crypto and blockchain companies. Taxes also play a crucial role in fostering or hindering mass crypto adoption, with 12 countries imposing a 0% tax rate on cryptocurrencies for individuals, including Germany, Panama, and Portugal.
New York became the most crypto-ready U.S. state with a CRS of 9.80, driven by a significant number of crypto-related laws and the presence of numerous crypto and blockchain businesses.
India was ranked as the top country for crypto adoption in 2023 in a Chainalysis report. Lower middle-income nations like Nigeria and Thailand secured the second and third positions, with India also becoming the second-largest crypto market globally in terms of estimated transaction volume.
These rankings reflect the evolving landscape of cryptocurrency adoption and the various factors influencing its growth on a global scale.
(ARIJIT SARKAR, CoinTelegraph, 2023)