Hong Kong, the United States, and Switzerland top the list as the most crypto-ready jurisdictions.
Hong Kong is named the world's most crypto-ready jurisdiction. The region tops the list for the second year in a row, signaling its continued commitment to fostering a favorable crypto environment.
Several elements contribute to a region's Crypto Readiness Score (CRS), such as the number of crypto ATMs, favorable regulation, entrepreneurial culture, and taxation policy.
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Hong Kong led the charts with an overall CRS of 8.36, while the United States and Switzerland followed closely, rounding out the top three.
In comparison, the United States saw its CRS dip, falling to 7.25 in 2023 from 7.7 in 2022, causing it to slip to the third position. On the other hand, Switzerland saw an impressive surge in its CRS score, climbing from 7.5 to 8.18 and grabbing second place globally.
This year, the top 10 was newly entered by Slovenia, Australia, and Canada.
Data also showed that among the general population, individuals in the Netherlands were most interested in cryptocurrencies. Although the United States boasts the largest number of Bitcoin ATMs, Hong Kong outperforms in terms of ATMs per square foot due to its smaller geographical area.
Taxation also plays a crucial role in fostering crypto adoption. Currently, 12 countries, including Germany, Panama, and Portugal, have 0% tax on cryptocurrency, positioning them well for future rankings.
Additionally, in the United States, New York emerged as the most crypto-friendly state with a CRS of 9.80, propelled by an abundance of crypto and blockchain companies and supportive legislation.
Outside of the high-income countries, India leads the crypto adoption, according to a recent Chainalysis report. Other lower-middle-income countries, specifically Nigeria and Thailand, took second and third place, respectively.
Hong Kong's sustained position at the top of the crypto-readiness rankings reflects its ongoing commitment to nurturing a robust cryptocurrency ecosystem. With different nations making notable moves, the global landscape for crypto adoption continues to evolve, influenced by various regulatory, technological, and social factors.
