Hong Kong Tops List as Best-Prepared Jurisdiction for Crypto Adoption

Hong Kong emerges as the best-prepared jurisdiction for widespread cryptocurrency adoption, securing the top spot for the second consecutive year. The United States slips to third place with a decline in its crypto readiness score. Switzerland claims the second spot while India leads in global crypto adoption.

Posted 8 months ago in Blockchain

Hong Kong skyline

Hong Kong has secured its position as the best-prepared jurisdiction for widespread cryptocurrency adoption, according to a recent study. The study assessed the existence and reach of crypto, including ATMs, businesses, accessibility, and legality, to determine each jurisdiction's crypto readiness score (CRS). Hong Kong emerged on top with a CRS of 8.36, making it the leader for the second consecutive year. Meanwhile, the United States fell down a spot to third place after recording a fall of 6.5% in its CRS score — from 7.7 in 2022 to 7.25 in 2023.

Switzerland, with a 9% increase in its CRS score from 7.5 to 8.18, claimed the second spot on the list. This highlights the fierce competition among these leading countries. The factors influencing a country's CRS include the number of crypto ATMs, pro-crypto regulations, startup culture, and a favorable tax system. Slovenia, Canada, and Australia also made it to the top 10 in 2023.

Despite having the largest network of Bitcoin ATMs, the United States ranked lower than Hong Kong in terms of crypto ATMs per square foot due to its larger land mass. Estonia, Singapore, and Switzerland emerged as key hubs for crypto and blockchain companies. Additionally, 12 countries, including Germany, Panama, and Portugal, impose a 0% tax on crypto for individuals, positioning themselves well for future advancements in the crypto space.

In the US, New York stood out as the most crypto-ready state, achieving a CRS of 9.80. India led the global crypto adoption, followed by Nigeria and Thailand, according to a Chainalysis report. India has also become the second-largest crypto market by raw estimated transaction volume, surpassing other major economies.

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Last updated 9/15/2023, 6:29:38 AM


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