Hong Kong Ranked as the Most Crypto-Ready Destination
Hong Kong has been named the world’s most crypto-ready destination for the second year in a row, according to a ranking by Forex Suggest. The ranking takes into account factors such as the presence of cryptocurrency ATMs, pro-crypto regulations, a vibrant startup culture, and a fair tax regime. Hong Kong secured the top spot with a Crypto Readiness Score (CRS) of 8.36. Switzerland came in second place, while the US dropped to third. The top three countries maintained their positions, but Slovenia, Canada, and Australia emerged as new entrants in the top 10.
In terms of widespread interest in cryptocurrencies, the Dutch population showed great enthusiasm per capita. The US had the largest network of Bitcoin ATMs globally.
Hong Kong’s Leading Position in Crypto ATMs
Hong Kong led in terms of crypto ATMs per square foot, capitalizing on its compact geographical size. Estonia topped the list for the highest number of blockchain startups in Europe, signaling its emergence as a thriving tech hub with 221 blockchain and crypto firms. Singapore ranked 20th globally but stood out as the second-highest Asian nation due to its reputation as a premier destination for technology, trade, and finance.
New York was recognized as the most crypto-ready state in the US due to its progressive legislation and thriving ecosystem of crypto and blockchain businesses.
A Game-Changer: 0% Taxation in 12 Countries
Taxation policies play a crucial role in mass crypto adoption. The report highlighted twelve countries that impose 0% tax on cryptocurrency gains for individuals, including Germany, Panama, and Portugal. These countries are poised to attract investors and businesses seeking a tax-friendly environment.
Diverse Global Approaches to Cryptocurrency
The study revealed a wide range of approaches to cryptocurrencies worldwide. Some countries fully integrate cryptocurrencies into their financial systems, while others, like China, ban cryptocurrency trading to exert control over financial markets. Taiwan, Turkey, and Argentina have allowed cryptocurrency trading with caution, taking measured steps in embracing digital finance.
Hong Kong’s Efforts as an International Crypto Hub
Hong Kong has been working towards establishing itself as an international cryptocurrency hub. In June, it introduced a licensing system to regulate cryptocurrency exchanges offering popular tokens like Bitcoin and Ether.
Hot Take: Hong Kong Reigns as the Crypto Capital
Hong Kong continues to solidify its position as the global leader in crypto readiness. With its high number of crypto ATMs per square foot and favorable regulatory environment, Hong Kong attracts both investors and businesses. The city’s efforts to establish itself as an international crypto hub further enhance its reputation in the digital finance world. As the crypto landscape evolves, it will be interesting to see how other countries adapt their approaches and regulations to keep up with Hong Kong’s success.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies.Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.
