Hong Kong Takes Crown in Cryptocurrency Readiness, US Holds Third

<p>The cryptocurrency landscape has been constantly evolving, with nations around the world taking various stances on its integration. Which country is, however,
the most 'ready' for full adoption of digital assets? According to the latest
report by Forex Suggest, Hong Kong takes the top spot for being the most
prepared for cryptocurrency adoption, followed closely by Switzerland and the
United States in third place. </p><p>Hong Kong
Best Prepared for Crypto Adoption</p><p>The study
by <a href="https://forexsuggest.com/worldwide-crypto-readiness-report-2023/" target="_blank" rel="nofollow">Forex Suggest</a> includes all countries in the OECD, G20, and European Union
where data is available, aiming to identify which nations are most prepared for
the adoption of digital assets.</p><p>Hong Kong
continues to lead the pack with a crypto readiness score of 8.36. The tax-free
nature of crypto trading in this semi-autonomous region and the high number of
crypto ATMs contribute to its top rank. The special administrative region benefited from <a href="https://www.financemagnates.com/tag/hong-kong/" target="_blank" rel="follow">opening up to retail traders in June</a>, further bolstering its top
position in the rankings for crypto readiness.</p><p>"We’ve
considered various relevant factors, from the number of businesses in the
industry to public interest and the legal standing of crypto,” the report's
authors commented.</p><p>Switzerland
follows closely behind with a score of 8.18. The country's longstanding
reputation as a financial center and <a href="https://www.financemagnates.com/cryptocurrency/news/finma-approves-first-swiss-cryptocurrency-fund/" target="_blank" rel="follow">a high number of crypto businesses</a> make it
a strong contender. The United States ranks third with a score of 7.25,
maintaining its position due to a high rate of crypto ATMs and overall
technological prowess.</p><p>New
Entrants and Shake-ups in the Top 10</p><p>While the
top three have remained the same since 2022, there have been notable shifts in
the rankings below them. Slovenia and Canada have joined the top 10, along with
Australia, Germany, and Bulgaria. These countries have shown rapid growth in
their crypto ecosystems, increasing their rank significantly within a year. In contrast,
countries like Ireland and the Czech Republic have seen a substantial drop in
their rankings.</p><p>“Last year,
four countries were tied for fourth place, including Croatia, Georgia, Romania
and the United Arab Emirates. Of these, only Georgia remains in fourth, with
the rest falling out of the top 10 entirely,” additionally stated in the report.</p><p>Five other
countries failed to return to the top 10 this year, with Ireland notably
dropping 40 places to rank 48th. Meanwhile, the Czech Republic, Greece, and
Slovakia also failed to elevate in the rankings.</p><p>Netherlands
Leads in Crypto Searches United States in Crypto ATMs</p><p>When it
comes to public interest in <a href="https://www.financemagnates.com/terms/c/cryptocurrencies/">cryptocurrencies</a>, the Netherlands stands out with
2,524 crypto searches per 100,000 people. Singapore and Slovenia follow,
indicating a growing awareness and interest in cryptocurrency in these nations.</p><p>In the meantime,
the United States and Canada <a href="https://www.financemagnates.com/cryptocurrency/news/walmart-installs-bitcoin-atms-in-200-of-its-stores-across-the-us/" target="_blank" rel="follow">lead the world in the number of crypto ATMs</a> per
100,000 people, at 9.2 and 7.2, respectively. Georgia also makes it into the
top three, emphasizing the country's sustained interest in cryptocurrencies.</p><p>Despite its
small size, Hong Kong has the highest number of crypto ATMs per 1,000 square
kilometers, followed by Switzerland and the United States. This highlights how
densely populated areas are increasingly becoming hubs for crypto adoption.</p><p>Estonia has
emerged as a <a href="https://www.financemagnates.com/cryptocurrency/estonias-licensed-crypto-firms-drop-80-as-under-new-amtcft-regime/" target="_blank" rel="follow">hotspot for blockchain and crypto companies</a>, with 18.4 companies
per 100,000 people. Singapore and Switzerland are also prominent players in
this sector, indicating a strong business environment conducive for crypto and
<a href="https://www.financemagnates.com/terms/b/blockchain/">blockchain</a> development.</p><p>While many
countries are still fine-tuning their tax policies around cryptocurrencies, some
nations offer tax benefits to attract crypto investors. Singapore and Germany
have especially enabled favorable conditions, but it is essential for traders to understand
the tax implications in their respective countries thoroughly.</p>

This article was written by Damian Chmiel at www.financemagnates.com.