Hong Kong positioned as the most crypto-ready country in 2022

Share This Post

Factors considered to calculate a country’s readiness were the number of crypto ATMs proportional to the population and geographical size and the number of blockchain startups per 100,00 people.

While public acceptance remains key to crypto’s existence, the road to mainstream crypto adoption requires governments to set up a supporting infrastructure that complements the requirements of the technology and the people. 

Factors such as crypto ATM installations, pro-crypto regulations, startup culture and a fair tax regime signal a country’s readiness to adopt cryptocurrencies. Considering these factors, a Forex Suggest study revealed Hong Kong’s position as the best-prepared country for widespread cryptocurrency adoption, with a crypto-readiness score of 8.6. Despite having a bigger crypto infrastructure than the island nation, the United States and Switzerland made it to the top three with lower crypto-readiness scores of 7.7 and 7.5, respectively, as shown below.

The biggest factors considered in the study to calculate a country’s readiness were the number of crypto ATM installations proportional to the population and geographical size of the jurisdiction and the number of blockchain startups per 100,00 people. As a result, Hong Kong’s smaller land mass helped the country top the list. 

CoinATMRadar data shows that the U.S. houses 88% of the global crypto ATM installations. On the contrary, Hong Kong installed a network of 146 crypto ATMs, representing just 0.4% of crypto ATMs worldwide. Owing to the smaller area, Hong Kong residents are never more than 4.3 miles (7 kilometers) away from a crypto ATM.

On the other hand, Switzerland has a crypto ATM every 161.5 miles (260 km), while the U.S. has installed crypto ATMs every 168.3 miles (271 km). 

Crypto taxes serve as the biggest deterrents to mainstream crypto adoption. Hong Kong, Switzerland, Panama, Portugal, Germany, Malaysia and Turkey share the top spot for the lowest crypto taxes on capital gains.

A country’s efforts to nurture a growing crypto infrastructure depend heavily on investor sentiment. That being said, investors from major economies like Australia, Ireland and the United Kingdom have shown the highest interest in cryptocurrencies, signaling healthy pro-crypto competition around the globe. 

Related: Opera Crypto Browser integrates Coin98 to bolster Web3 accessibility in Southeast Asia

Opera Crypto Browser doubled down on its effort to improve Web3 accessibility by announcing a partnership with Coin98, a Southeast Asia-based decentralized finance (DeFi) platform, to bolster Web3 accessibility.

By integrating Coin98, Opera’s Crypto Browser will be able to tap into the platform’s range of multichain nonfungible tokens (NFTs), decentralized exchanges (DEX), cross-chain bridges and asset swaps, as well as the ability to stake and lend their cryptocurrency portfolios, as per a Thursday announcement.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Dogecoin Price Analysis: Will the Golden Cross Signal a 200% Surge?

The post Dogecoin Price Analysis: Will the Golden Cross Signal a 200% Surge appeared first on Coinpedia Fintech News On October 19, the price of Dogecoin was $014408 Since then, it has dropped 709%

Bitcoin Bull Run Continues: Here’s Why Analysts Predict $100K ATH by December

The post Bitcoin Bull Run Continues: Here’s Why Analysts Predict $100K ATH by December appeared first on Coinpedia Fintech News Ready for something mind-bending The cryptocurrency market is

Bitcoin Bull Run Not Over Yet? This Ratio Has Just Seen A Golden Cross

Data shows the ratio between two Bitcoin on-chain metrics has recently formed a pattern that has historically been bullish for the asset’s price Bitcoin LTH/STH SOPR Ratio Has Crossed Above Its

Bitcoin Investors’ Appetite On The Rise As Net Capital Inflows Skyrockets

Bitcoin investors are presently displaying renewed enthusiasm towards the largest crypto asset as its net capital inflows have experienced a notable spike This signals an increase in overall market

Bitcoin Price Analysis: Will the US Elections Ignite a Bull Run?

The post Bitcoin Price Analysis: Will the US Elections Ignite a Bull Run appeared first on Coinpedia Fintech News Bitcoin lost its overnight gains, dipping below $67,000 to an intraday low of $65,700

Cat in a Dogs World Price Prediction 2024 – 2030: Will MEW Price 2X This Q4?

The post Cat in a Dogs World Price Prediction 2024 – 2030: Will MEW Price 2X This Q4 appeared first on Coinpedia Fintech News Story Highlights The live price of the MEW memecoin is Cat in a