Hong Kong Retains its Spot as the Most Crypto-Ready Nation: Report

by BSC News

September 15, 2023


This achievement of Hong Kong is attributed to several key factors, including a robust network of cryptocurrency ATMs, pro-crypto regulations, a thriving startup culture, and a fair tax regime.

Hong Kong to the Top

According to a recent study conducted by Forex Suggest, Hong Kong has retained its spot as the most crypto-ready country in the world. 

The study assessed various factors to determine a nation's crypto readiness, culminating in a Crypto-Readiness Score (CRS). Hong Kong emerged as the clear leader with an impressive CRS of 8.6. 

To earn this distinguished title, Hong Kong ticked several crucial boxes:

1. Crypto ATM Installations

Hong Kong boasts a robust network of cryptocurrency ATMs, making it exceptionally convenient for residents and visitors alike to access digital assets. The density of crypto ATMs per square foot is particularly impressive in Hong Kong, a testament to its commitment to accessibility.

2. Pro-Crypto Regulations

The regulatory environment plays a pivotal role in shaping a country's crypto readiness. Hong Kong's pro-crypto regulations have provided a stable and supportive framework for cryptocurrency businesses and enthusiasts. 

3. Startup Culture

A thriving startup culture is often an indicator of a nation's innovation and openness to new technologies. Hong Kong's dynamic startup ecosystem, which includes numerous crypto and blockchain ventures, underscores its readiness to embrace the future of finance.

4. Fair Tax Regime

Taxes can significantly impact the adoption of cryptocurrencies. Hong Kong's fair tax regime, especially concerning crypto, has been instrumental in attracting businesses and individuals to the crypto space.

The Global Landscape

The study also shed light on the global crypto landscape with some interesting observations:

  • Switzerland made significant strides, jumping to the second position globally with a CRS score of 8.18. This remarkable ascent reflects Switzerland's growing prominence as a crypto hub.
  • The United States, while still a strong player, slipped to the third spot with a CRS score of 7.25. Its low score highlights the uncertainty surrounding crypto regulation in the country.
  • Other nations like Slovenia, Canada, and Australia managed to secure spots in the top 10, demonstrating their commitment to crypto adoption.

Taxes remain a crucial factor in determining the pace of mass crypto adoption. Notably, 12 countries have opted for a 0% tax rate on cryptocurrencies for individuals. Countries such as Germany, Panama, and Portugal are well-positioned to make significant strides in the coming years, given their favorable tax policies.

Interestingly, the study found that the Dutch exhibit the highest interest in cryptocurrencies per person, highlighting the growing global curiosity surrounding digital assets.

While the United States claims the title of housing the largest network of Bitcoin ATMs, Hong Kong's efficiency shines through when considering crypto ATMs per square foot. 

Estonia, Singapore, and Switzerland emerge as some of the busiest hubs for crypto and blockchain companies, reaffirming their positions as global leaders in the industry.


Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article

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