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Hong Kong Sustains Top Crypto-Ready Spot Leaving Behind United States

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Hong Kong has firmly established itself as the leading global hub for cryptocurrency innovation, outpacing the United States in a race to become the epicenter of the digital financial revolution.

READ ALSO:Coinbase CEO Urges DeFi Firms to Take CFTC in Court Over Its Recent Enforcement Actions

This seismic shift comes as Hong Kong’s regulatory framework adapts swiftly to accommodate the crypto ecosystem, drawing in a wave of blockchain startups and crypto enthusiasts from around the world.

Hong Kong Crowned Best Place For Cryptocurrency In 2023

A recent study looked at how widely crypto is used, including through ATMs, businesses, and its legal status. It found that in 2022, Hong Kong, the United States, and Switzerland were in a close race for the top three spots in crypto readiness.

According to the report, Hong Kong grabbed the top position with a readiness score of 8.36, while Switzerland jumped from 7.5 to 8.18, securing the second spot.

The United State fall to third position after losing 6.5% in its CRS score, dropping from 7.7 in 2022 to 7.25 in 2023.

Notably, factors like pro-crypto regulations, startup culture, crypto ATM installations, and fair tax regime help a country in its CRS.

Panama, Slovenia, Canada, and Australia managed to be among the top 10 countries in this year’s list.

Global Crypto Landscape: Insights on Adoption, Infrastructure, and Taxation

Dutch individuals are the most interested in crypto, while the U.S. boasts the largest Bitcoin ATM network.

Countries with 0% crypto tax. Source: forexsuggest.com

Despite its small size, Hong Kong has the highest density of crypto ATMs. Estonia, Singapore, and Switzerland are major hubs for crypto and blockchain companies.

Taxes play a crucial role in widespread crypto adoption, with 12 countries, including Germany, Panama, and Portugal, imposing a 0% tax on individual crypto holdings, positioning them for future growth.

New York leads as the most crypto-friendly state in the U.S., with a high rating of 9.80 due to its extensive crypto laws and a large presence of blockchain companies.

A recent report from Chainalysis indicates that India is at the forefront of global crypto adoption in 2023.

Following closely behind are lower middle-income countries like Nigeria and Thailand, securing the second and third positions in the rankings.

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