- In its Worldwide Crypto Readiness Report, Forex Suggest Hong Kong is the most prepared nation for cryptocurrency adoption.
- The research firm relied on the number of crypto ATMs, regulation, tax regime, the number of blockchain startups per 100,000 people, and the geographic size of the jurisdiction to determine whether or not a country is ready to adopt cryptocurrencies.
Being a nascent and, above all, disruptive technology, the world is not ready to take advantage of the full potential that cryptocurrencies have to offer. However, at least for now, Hong Kong seems to be one of the best prepared in this field.
Recently Forex Suggest posted on “Worldwide Crypto Readiness Report” which seeks to determine which are the countries that are most prepared for the adoption of cryptocurrencies.
In particular, the report relies on factors such as the number of crypto ATMs, cryptocurrency regulation as well as tax regime, the number of blockchain startups per 100,000 people, and the geographic size of the jurisdiction to determine whether a country is eligible. or not ready to adopt cryptocurrencies.
According to your parameters Hong Kong is the most prepared nation for the adoption of cryptocurrencies based on its number of crypto ATMs per person, its legislation and taxes. Let’s look at each point.
Crypto ATMs per person
According to CoinATMRadar, the United States is home to 88% of the cryptocurrency ATMs worldwide, or 33,720, according to Forex Suggest. While Hong Kong only has 149 crypto ATMs installed. So why did Hong Kong have the highest score?
In addition to the fact that the study considered other factors to assign the total score, the relativity of the aforementioned data must be taken into account. In reality, the number of established crypto ATMs per country is not directly comparable.
The Hong Kong area is such that these 149 crypto ATMs that have been installed mean that its residents will not have to travel more than 7 kilometers to find one.. While, residents of Switzerland and the United States will have to travel 260 and 271 kilometers on average to find a crypto ATM.
Regulation
Recently, Eddie Yue, CEO of the Hong Kong Monetary Authority, insisted at a meeting of G20 Finance Ministers, that cryptocurrencies and Decentralized Finance are far from disappearing and it seems that the nation is ready to welcome them with open arms.
Hong Kong does not tax capital gains made from cryptocurrencies, making it an area with greater incentives for investors.
Interestingly, other nations along with Hong Kong share the number one position of those that offer the lowest cryptocurrency taxes. Among them, Switzerland, Panama, Portugal, Germany, Malaysia and Turkey. In second place is Indonesia, where a 0.1% tax is charged on your crypto profits, and in third place is Chile, where a minimum of 4% is charged on your cryptocurrency investments.
Blockchain startups and interest in cryptocurrencies
As for the amount of blockchain startup per inhabitant, Switzerland ranks first with 12.9 companies per 100,000 people and Hong Kong ranks second with 3 companies per 100,000 people.
However, an interesting fact is that, despite Switzerland and Hong Kong are among the top places in other categories, they do not seem to show the most interest in cryptocurrencies.
The countries that have shown the greatest curiosity about cryptocurrencies on the Internet are Australia, Ireland, the United Kingdom. Hong Kong ranks eighth in this category, while Switzerland did not even make the Top 10.
One cannot lose sight of the fact that the cryptocurrency sector is extremely changing and, therefore, what is true today may not be tomorrow. In this sense, Hong Kong may currently be listed as the most ready nation for cryptocurrency adoption but this may change quickly.
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