March 27, 2024
Hong Kong Tops Crypto Readiness for Two Consecutive Years
Latest Cryptocurrency News

Hong Kong Tops Crypto Readiness for Two Consecutive Years

In 2023, Hong Kong once again secured its position as the top-ranked jurisdiction well-prepared for widespread cryptocurrency adoption, marking the second consecutive year of its crypto readiness supremacy. A comprehensive study that considered factors such as the prevalence and accessibility of cryptocurrencies, including ATMs, business involvement, legal frameworks, and overall accessibility, revealed intense competition among the leading nations from 2022, with Hong Kong, the United States, and Switzerland retaining their positions at the forefront.

Hong Kong clinched the coveted top spot with an impressive Crypto Readiness Score (CRS) of 8.36. However, the United States slipped to third place, registering a 6.5% decline in its CRS score, dropping from 7.7 in 2022 to 7.25 in 2023. Conversely, Switzerland saw a remarkable 9% surge in its CRS score, ascending from 7.5 to 8.18, securing the second position globally. Notably, when considering individual interest in cryptocurrency, the Dutch exhibited the highest per capita interest.

Although the United States boasts the largest network of Bitcoin ATMs, Hong Kong surpasses the density of crypto ATMs per square foot, owing to its relatively compact landmass. Estonia, Singapore, and Switzerland have emerged as bustling crypto and blockchain enterprise hubs. The pivotal factor influencing the potential success or failure of widespread crypto adoption remains taxation policies. Notably, 12 countries levy a 0% tax on crypto transactions for individuals, including Germany, Panama, and Portugal, positioning them favorably for future advancement in the rankings.

Within the United States, New York achieved recognition as the most crypto-ready state, boasting a CRS of 9.80, attributed to a plethora of crypto-related legislation and a substantial presence of crypto and blockchain businesses.

Furthermore, India has not only spearheaded grassroots adoption. Still, it has also ascended to become the second-largest global crypto market in terms of raw estimated transaction volume, outpacing other major economies.

Image by wirestock on Freepik

Related posts

Fireblocks Boosts Tezos: Full Backing Paves the Way for DeFi Integration

Kevin Wilson

Expert Witness to Challenge Testimonies in Sam Bankman-Fried’s Legal Battle

Anna Garcia

ARKW’s November Sales: $16.9M Shakeup Signals Bitcoin ETF Hopes

Henry Clarke

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More