For the second year running, Hong Kong has generated a buzz in the crypto-landscape, retaining its position as the most crypto-ready destination. It sailed smoothly to the top with a Cryptocurrency Readiness Score (CRS) of 8.36, based on factors encompassing ATM availability, businesses, accessibility, and legal parameters.
Other players were not far behind, with stiff competition between the United States and Switzerland for the runner-up position. However, the stellar performance of Switzerland, whose CRS score saw a leap of over 9%, leaving it at 8.18, pushed it to second place. Comparatively, the United States dropped down from the second to the third spot with a reduced CRS score of 7.25 from 7.7 in the previous year.
Taking a broader look at the global market, Slovenia, Canada, and Australia have succeeded in securing their spots in the top 10 in 2023. This is testimony to their steady efforts and an affirmation of the fact that the crypto market is fluid and dynamic.
On another front, the Dutch showed heightened interest in crypto, while the United States prided itself on having the largest network of Bitcoin ATMs. Conversely, Hong Kong might not have as large a network, but with its smaller land mass, it boasted the highest number of crypto ATMs per square foot. A not-so-visible, but significant parameter influencing mass crypto adoption is tax policy. With Germany, Panama, and Portugal among 12 countries ensuring a 0% tax on crypto for individuals, they too are poised for a climb up the ranks.
Yet, when one dives deeper into the specifics, New York stood out as the most crypto-ready state in the US with a CRS of 9.80, backed by a substantial amount of crypto-related legislation and myriad crypto and blockchain businesses operating actively.
Paradoxically, even as some countries are embracing crypto, others are still hesitant. Despite the marked increase in global crypto adoption led by India in 2023, it’s notable that lower middle-income nations like Nigeria and Thailand have also secured high ranks in global crypto adoption.
With India’s recent rise to becoming the second-largest crypto market by raw transaction volume globally, the crypto future appears volatile but promising. This situation encapsulates the essence of the crypto market, where inconsistency is the only consistency, and flexibility holds the key to survival.
Source: Cointelegraph
