Hong Kong is anticipated to be the most crypto-ready country in 2022

While public approval is critical to crypto’s survival, the path to widespread crypto adoption necessitates governments establishing a supporting infrastructure that complements the needs of the technology and the people.

Crypto ATM installations, pro-crypto policies, startup culture, and a fair tax structure all indicate a country’s willingness to embrace cryptocurrencies.

Taking these criteria into account, Forex Suggest research identifies Hong Kong as the best-prepared country for widespread cryptocurrency adoption, with a crypto-readiness score of 8.6. Despite having a larger crypto infrastructure than the island nation, the United States and Switzerland ranked third and fourth, respectively, with lower crypto-readiness scores of 7.7 and 7.5, as seen below.

cryptocurrency adoption survey

What were the parameters?

The most important parameters analysed in the study to calculate a country’s readiness were the number of crypto ATM installations related to the population and geographical extent of the jurisdiction, as well as the number of blockchain companies per 100,000 people. As a result of its lesser land mass, Hong Kong ranked first on the list.

According to CoinATMRadar data, the United States has 88 percent of the world’s crypto ATM installations. On the contrary, Hong Kong constructed a network of 146 crypto ATMs, accounting for only 0.4 percent of all crypto ATMs worldwide. Because of the city’s tiny size, Hong Kong citizens are never more than 4.3 miles (7 kilometres) from a cryptocurrency ATM.

crypto ATMs

Switzerland, on the other hand, has a crypto ATM every 161.5 miles (260 km), whilst the United States has crypto ATMs every 168.3 miles (271 km).

Crypto taxes

Crypto taxes are the most making it extremely hard to mainstream crypto adoption. Hong Kong, Switzerland, Panama, Portugal, Germany, Malaysia, and Turkey all have the lowest crypto capital gains taxes.

Crypto interested countries

The efforts of a country to foster a flourishing crypto infrastructure are significantly reliant on investor opinion. Having said that, investors from large economies such as Australia, Ireland, and the United Kingdom have shown the most interest in cryptocurrencies, indicating healthy pro-crypto competition globally.