Hong Kong Tops As The Most Ready Crypto Country in 2022

Cryptocurrency has evolved in the past few years. Governments, companies, and individuals realized the possibilities of crypto in the future of finance. Last year, El Salvador made headlines by declaring Bitcoin as a legal tender. To determine the next most-ready countries for crypto adoption, a study was conducted by Forexsuggest among several countries in the world. Some of the factors that contribute to a country’s crypto readiness are pro-crypto regulations, a fair tax administration, and startup projects backed by the government.  

There are several factors that contribute to deciding a country’s capability of holding crypto. These factors are several crypto ATMs as per landscape, population, and several blockchain startups. All these are in proportion to every 100,000 people. Although crypto adoption and acceptance play a huge role, government participation in building proper infrastructure to support the technology is crucial. 

Also Read: Japan To Have A Clear Regulatory Framework For Stablecoins

ForexSuggest Reveals Hong Kong As The Most Prepared Country

A study by Forexsuggest shows Hong Kong to be on top of the countries ready for crypto adoption. Therefore, the country has a top score of 8.6 among nineteen countries. Although the infrastructure for crypto is bigger than in Hong Kong, the United States and Switzerland rank second and third on the list with a score of 7.7 and 7.5 respectively.  

Also Read: Singapore issues Data Protection Guidelines for Blockchain Networks

How Does Hong Kong Top The List?

The preparation of the list was on the basis of the number of crypto ATMs in terms of population. However, Hong Kong’s small landscape is on top of the list. Data reveals that 88% of the global crypto ATMs are present in the United States. In comparison to that, Hong Kong consists of 146 crypto ATMs and consists of 0.4% of crypto ATMs globally. Concerning the landscape of Hong Kong, the population will never be more than seven kilometers away from a crypto ATM. 

Switzerland is popularly known as the financial powerhouse. Switzerland has crypto ATMs every 260km, while the United States has crypto ATMs every 271km. The taxes on the crypto act as a barrier to crypto acceptance. Countries with low crypto taxes on capital gains are Switzerland, Malaysia, Germany, Turkey, Hong Kong, Panama, and Portugal. 

Wrapping Up

Investor sentiment plays a major role in a country’s effort to enhance and adapt the growing crypto infrastructure. Investors from countries with huge economies like the United Kingdom, Ireland, and Australia, show high interest in digital assets that show healthy competition among investors around the globe.