Hong Kong named most crypto ready country in the world

The US was second, Switzerland third and the UAE and Georgia tied for fourth

Regional Flag of the Hong Kong Special Administrative Region of the Peoples Republic of China                                 
Hong Kong is the most crypto ready area in the world – Photo: Getty Images
                                

Hong Kong has been named the most crypto ready area in the world, according to the World Crypto Readiness Report by Forex Suggest.

The foreign exchange platform ranked the US as second, Switzerland third, and the United Arab Emirates (UAE) and Georgia tied fourth.

Hong Kong received a crypto readiness score of 8.6 out of 10 due to the fact that it has the second highest number of blockchain start-ups per 100,000 people and 149 crypto ATMs, which comes out at two crypto ATMs for every 100,000 residents.

The small geographical size of Hong Kong also benefited it in the crypto rankings as it has the smallest area per crypto ATM. Additionally, Hong Kong does not make its citizens pay capital gains tax on crypto, which makes it more “appealing to investors”.

Hong Kong, however, does share the top spot for the lowest crypto taxes with Switzerland, Panama, Portugal, Germany, Malaysia and Turkey.

The US and Switzerland

The US scored 7.7 out of 10, according to Forex Suggest, mostly due to the number of crypto ATMs the nation has – 33,720.

Switzerland scored 7.5 out of 10 also because of the high number of crypto ATMs and for not having capital gains tax on crypto. In addition, Switzerland came second for the number of blockchain start-ups it has, which was 12.9 per 100,000 people.  

UK third most interested in cryptos

Despite the UK not making the top 20 list for the country’s most ready for crypto adoption, it was ranked third when it comes to the interest a country holds in crypto.

There are 3,400 Google searches for “cryptocurrency” for every 100,000 people in the UK population. Australia was first for this factor with 4,579 “cryptocurrency” searches per 100,000 and Ireland was second with 3,472 searches per 100,000. 

Forex Suggest established the ranking by collating the data on the number of crypto ATMs a country holds, its crypto legislation, whether cryptos are subject to capital gains tax and the number of blockchain start-ups per 100,000 people.  

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