While cryptocurrency has seen massive development in terms of public acceptance, the key to main-scale adoption still largely relies on government acceptance. Individual governments need to accept and regulate cryptocurrencies in order for them to become a part of every individual’s day-to-day life.
Luckily, there are several countries considering making cryptocurrencies regulated under law and making them legal tender. There have been massive developments, including crypto ATMs, pro-crypto regulations, a fair tax regime and a startup culture being established. According to these factors, Forex studies have marked Hong Kong as the most crypto-ready country with a score of 8.6.
While other countries such as the US and Switzerland have a bigger crypto infrastructure, they are still behind Hong Kong in second and third positions.
The country’s readiness to adopt cryptocurrencies is based on several factors, with the number of crypto ATMs proportional to the total population being a significant one. Based on this factor, and adding to the fact that Hong Kong has a smaller land mass, helped the country achieve its position.
While the US houses 88% of the global crypto ATM installations, Hong Kong only has 0.4%. However, there is a crypto ATM every 7 KMs making it more accessible for the people of Hong Kong. The US has a crypto ATM every 271 Kms and Switzerland every 260 KMs.
Moreover, crypto taxes also play a crucial role, and Hong Kong is one of the few countries with the lowest crypto taxes on capital gains. Moreover, the investors in Hong Kong have also shown a collective interest in the development of the industry and aim to help crypto startups in the country.
While Hong Kong leads the charts, other countries are not far behind, suggesting a massive scale of global crypto adoption in the coming years.