Hong Kong experiences a prestigious and precious moment as it makes it to the list of most crypto-ready countries in 2022. It scored a historic 8.6 out of 10, which is terrific. Crypto readiness is judged on several factors like the number of blockchain startups, proper infrastructure, ATM installations, a fair tax model and pro-crypto regulations.
By considering each of these factors, a study by Forex Suggest revealed that the country perfectly fits crypto-readiness parameters. Countries like US and Switzerland scored only 7.7 and 7.5, respectively, despite a booming crypto infrastructure.
Why Hong Kong?
One of the significant reasons for the two top country’s low scores is the lesser number of ATM installations which was not proportional to the population. As per data provided by CoinATMRadar, the US has only 88% of crypto ATMs installed. On the contrary, there are only 146 crypto ATMs in Hong Kong; however, the Island’s small geographical area accounted for its win.
Another significant factor that is the determinant of Hong Kong’s success is low crypto taxes. The countries besides Hong Kong that leverages low tax on capital gains include Turkey, Panama, Germany, Switzerland and Malaysia.
The analysts even try checking the volume of internet searches about crypto assets in a country. The data offered them a good insight into the country’s interest in digital assets.
Crypto adoption on a boom
Countries have shown a positive outlook toward cryptocurrencies by treating them as a revolutionary concept rather than competition for the centralized system. As per the opinions of crypto market analysts, creating national cryptocurrencies will boost the digital currency market.
Like Hong Kong, more countries should take initiatives to develop cryptocurrency infrastructure. Another factor boosting the blockchain and crypto industry is contributions from economically stable countries like Australia and the United Kingdom.
Well, path-breaking innovations are gradually undertaken in web3 and blockchain technology so that people can easily access this fantastic platform. One such effort is by Opera Crypto Browser, which announced its partnership with Coin98, a Defi platform in South Asia for making the web3 more accessible.
We hope such constructive efforts are undertaken by more crypto firms and countries so that this productive industry gains better visibility and boosts.
