World’s most cryptocurrency-friendly countries revealed
US, Cyprus, Singapore, Hong Kong and the UK top world’s most crypto-friendly nations
A study has revealed the most crypto-friendly countries in the world with the US being named as the most prepared for mainstream cryptocurrency use.
Research from Crypto Head carried out between May 2020 to April 2021 assessed the number of crypto ATMs in each country, their accessibility, the government’s legal stance on crypto ownership, whether or not they can be used in banks and the number of online searches for crypto.
According to its findings, as revealed to Currency.com, the US had the highest crypto-ready score, followed by Cyprus, then Singapore in third, followed by Hong Kong and then the UK as the fifth most ready nation.
The US scored 7.13 out of 10, according to Crypto Head, because it has the most crypto ATMs with 17,436. The next closest for ATMs was Canada, which had 1,464.
US law also allows for ownership of crypto and its use in banks, while there were 14,796 Google crypto searches for every 100,000 people between May 2020 to April 2021 – a 140% increase compared with the same period a year earlier.
Cyprus had the next highest score of 6.47 out of 10, with 33,941 out of every 100,000 people searching for cryptocurrencies between May 2020 to April 2021 alone.
This level of interest in Cyrprus was the highest of any country in the world and up 139.6% on the previous year. While there are no crypto ATMs, Cyprus allows the ownership and usage of cryptocurrencies in banks, bringing its readiness score up the charts.
Tax havens’ crypto interest
Adam Morris, co-founder of Crypto Head, said: “Some interesting findings in our Crypto Ready Index is the recent increase of interest in cryptocurrency from tax havens like Cyprus, Gibraltar, the Cayman Islands and the Falkland Islands. Our study found that 25% to 30% of residents researched the topic in 2020/2021.
“Our research also found that the United States is the most crypto ready for consumers, even though the government has been slow with regulation clarity over the last few years, which has actually driven most crypto business overseas.”
Singapore as a crypto centre
Morris said Singapore, which came third with 6.3 out of 10, scored higher because of its size and dense population. He said: “As a financial centre of the world, Singapore totalled 31,324 crypto searches for every 100,000 people, which is the second most of all countries analysed.
“It’s law allows for owning and using cryptocurrencies and there are 10 crypto ATMs in Singapore. But as it is such a small country, this equates to one every 28 square miles, which is one of the highest concentrations of any country.”
Hong Kong has the highest concentration of crypto ATMs in the world, averaging one for every three square miles – but Hong Kong is only 429 square miles in total.
The United States has the most crypto ATMs for every head of the population with one for every 19,023 people, followed by Canada and the UK.
While ownership of cryptocurrencies is permitted in Canada, they cannot be used in banks and it is the only country in the top 10 to not achieve a full legislation score.
Cyprus is the only country to not have a single crypto ATM of the top 10.
Though Romania ranks 53rd, it has seen the biggest increase in crypto searches from 34,200 to 147,500 between 2019 and 2020 – a 331% increase.