Recent research revealed that Hong Kong, Switzerland, and the US as the most crypto-ready countries in the world. Hong Kong was crowned the most crypto-ready while the US and Switzerland came second and third, respectively. The latest report shows that the US, which holds the first position, has been overtaken by the special administrative region of China. The crypto readiness report researched several blockchain startups in each country. Additionally, it also explored the interest in the industry per capital, the number of ATMs, and the taxation and asset legislation rules in each of the countries.
Hong Kong Has A Mild Crypto Tax Policy
The local government is highly supportive of the sector and doesn’t heap taxes on businesses and investors in digital assets. Additionally, the density of crypto ATMs in the region is one of the highest because of its small area. The state got a result of 8.6 points out of 10 making it the highest scoring region when it comes to crypto-readiness.
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The next in line – Switzerland – accumulated 7.5 points. The country is known as one of the major financial centers in Europe. It houses several global firms and banks, which makes it a pivotal place for cryptocurrency. In addition, Switzerland is home to several top blockchain companies and does not tax gains on cryptocurrencies. This makes it a very attractive region for digital asset investors and businesses.
Switzerland Opens Doors To Boost Crypto Business
Earlier this year, the Southern Swiss city Lugano announced plans to introduce Bitcoin (BTC), Tether (USDT), and LVGA Points tokens as legal tender. The city has thrown its full support n digital assets as it hopes to boost economic activities in the region.
Other countries that are within the top ten include Croatia, the UAE, Georgia, the Czech Republic, Ireland, and Romania. The research also showed that more countries are showing interest in the digital assets sector. It revealed that Australia ranked first as more people researched crypto in the country than any other place.