Hong Kong retains top position in crypto adoption readiness rankings for 2023

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Hong Kong has once again secured its position as the world's most crypto-ready destination, maintaining the top spot for the second consecutive year, according to a ranking by Forex Suggest. The ranking considers various factors, including crypto ATMs, pro-crypto regulations, startup culture, and tax regulations.

Hong Kong, known for its bustling metropolis on the southeastern coast of China, has solidified its reputation as the world's most crypto-ready jurisdiction. The Crypto Readiness Score (CRS), a comprehensive metric considering crypto infrastructure, accessibility, legality, and overall reach, has given Hong Kong an impressive CRS of 8.36.

Switzerland claimed second in the closely contested race, while the United States slipped to third place this year. Switzerland notably saw a remarkable 9% increase in its CRS score, reaching 8.18. In contrast, the United States experienced a 6.5% decline, dropping its score from 7.7 in 2022 to 7.25 in 2023. Several new entrants, including Slovenia, Canada, and Australia, entered the top 10.

According to the report, the Netherlands has the highest per capita enthusiasm for cryptocurrencies, while the United States has the largest network of Bitcoin ATMs globally. Taxation policies also played a pivotal role in mass crypto adoption, with twelve countries, including Germany, Panama, and Portugal, imposing a 0% tax on crypto gains for individuals. These countries are poised to attract investors and businesses seeking a tax-friendly environment.

The study's findings also underscored the diverse global approaches to cryptos, with some nations fully integrating them into the financial ecosystem while others like China have banned them to maintain control over financial markets. However, countries like Taiwan, Turkey, and Argentina have cautiously adopted cryptos, taking measured steps to navigate the digital landscape.